# Communication Equipment — company-by-company sector analysis > Communication Equipment: Cisco Systems, Inc. owns the largest revenue base; AST SpaceMobile, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice. ## Bottom line Communication Equipment has outperformed S&P 500 by 76.6% over 52 weeks and 1.2% over 13 weeks. 15 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 13 of 29 beat the sector itself. Cisco Systems, Inc. leads with revenue of $60,746 million, based on 23 of 29 comparable companies through Jun 2026. ## Sector relative strength Communication Equipment has outperformed S&P 500 by 76.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 1.2%. 15 of 29 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Silicom Ltd. is the strongest against the sector itself at +45.3%. 13-week sector return versus NIFTY 500: -1.2% 52-week sector return versus NIFTY 500: 77% Stocks leading NIFTY: 15/29 Stocks leading sector: 13/29 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 29 Combined market value: ₹9.4 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Cisco Systems, Inc. (CSCO): 64/100 — Mixed-positive evidence; evidence 85% - Growth & earnings 19.0/35 | Capital efficiency 16.6/25 | Valuation 12.7/20 | Relative strength 16.1/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 19 + 16.6 + 12.7 + 16.1 = 64.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Hewlett Packard Enterprise Company (HPE): 64/100 — Mixed-positive evidence; evidence 77% - Growth & earnings 26.5/35 | Capital efficiency 12.1/25 | Valuation 6.3/20 | Relative strength 19.5/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 26.5 + 12.1 + 6.3 + 19.5 = 64.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Ubiquiti Inc. (UI): 63/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 24.5/35 | Capital efficiency 21.9/25 | Valuation 14.1/20 | Relative strength 2.1/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 24.5 + 21.9 + 14.1 + 2.1 = 62.6 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -37.5% and the one-year return is 19.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 4. Lumentum Holdings Inc. (LITE): 62/100 — Mixed-positive evidence; evidence 64% - Growth & earnings 25.7/35 | Capital efficiency 14.3/25 | Valuation 9.0/20 | Relative strength 13.3/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 25.7 + 14.3 + 9 + 13.3 = 62.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 5. Ciena Corporation (CIEN): 61/100 — Mixed-positive evidence; evidence 85% - Growth & earnings 30.7/35 | Capital efficiency 16.0/25 | Valuation 3.7/20 | Relative strength 10.4/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks - Exact sum: 30.7 + 16 + 3.7 + 10.4 = 60.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. Zebra Technologies Corporation (ZBRA): 56/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 17.0/35 | Capital efficiency 14.1/25 | Valuation 10.5/20 | Relative strength 14.4/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 17 + 14.1 + 10.5 + 14.4 = 56 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 7. Harmonic Inc. (HLIT): 56/100 — Thin evidence · provisional; evidence 52% - Growth & earnings 22.4/35 | Capital efficiency 13.7/25 | Valuation 10.7/20 | Relative strength 8.8/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks - Exact sum: 22.4 + 13.7 + 10.7 + 8.8 = 55.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 8. Extreme Networks, Inc. (EXTR): 53/100 — Mixed-positive evidence; evidence 74% - Growth & earnings 19.5/35 | Capital efficiency 11.6/25 | Valuation 4.7/20 | Relative strength 17.6/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 19.5 + 11.6 + 4.7 + 17.6 = 53.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 9. Viasat, Inc. (VSAT): 52/100 — Mixed-positive evidence; evidence 64% - Growth & earnings 18.1/35 | Capital efficiency 6.7/25 | Valuation 11.4/20 | Relative strength 16.1/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 18.1 + 6.7 + 11.4 + 16.1 = 52.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 10. Digi International Inc. (DGII): 51/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 14.2/35 | Capital efficiency 13.5/25 | Valuation 7.5/20 | Relative strength 16.2/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 14.2 + 13.5 + 7.5 + 16.2 = 51.4 - Decision use: Price leads the evidence: RS versus the benchmark is 31.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 11. Silicom Ltd. (SILC): 51/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 18.0/35 | Capital efficiency 5.0/25 | Valuation 11.1/20 | Relative strength 17.0/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks - Exact sum: 18 + 5 + 11.1 + 17 = 51.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 12. Belden Inc. (BDC): 51/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 17.1/35 | Capital efficiency 14.4/25 | Valuation 10.9/20 | Relative strength 8.5/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 17.1 + 14.4 + 10.9 + 8.5 = 50.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 13. Gilat Satellite Networks Ltd. (GILT): 50/100 — Mixed-positive evidence; evidence 68% - Growth & earnings 23.0/35 | Capital efficiency 9.6/25 | Valuation 14.2/20 | Relative strength 3.6/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 23 + 9.6 + 14.2 + 3.6 = 50.4 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -37.9% and the one-year return is 35.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 14. BK Technologies Corporation (BKTI): 50/100 — Mixed-positive evidence; evidence 75% - Growth & earnings 14.8/35 | Capital efficiency 13.9/25 | Valuation 15.8/20 | Relative strength 5.8/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 14.8 + 13.9 + 15.8 + 5.8 = 50.3 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 15. Viavi Solutions Inc. (VIAV): 47/100 — Mixed-negative evidence; evidence 71% - Growth & earnings 16.6/35 | Capital efficiency 10.0/25 | Valuation 8.9/20 | Relative strength 11.9/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 16.6 + 10 + 8.9 + 11.9 = 47.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 16. Motorola Solutions, Inc. (MSI): 47/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 13.0/35 | Capital efficiency 15.8/25 | Valuation 9.8/20 | Relative strength 8.4/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 13 + 15.8 + 9.8 + 8.4 = 47 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 17. Applied Optoelectronics, Inc. (AAOI): 47/100 — Mixed-negative evidence; evidence 61% - Growth & earnings 18.6/35 | Capital efficiency 4.8/25 | Valuation 10.0/20 | Relative strength 13.4/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 18.6 + 4.8 + 10 + 13.4 = 46.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 18. Vistance Networks, Inc. (VISN): 47/100 — Mixed-negative evidence; evidence 71% - Growth & earnings 23.0/35 | Capital efficiency 7.9/25 | Valuation 11.5/20 | Relative strength 4.3/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 23 + 7.9 + 11.5 + 4.3 = 46.7 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -45.1% and the one-year return is -19.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 19. AST SpaceMobile, Inc. (ASTS): 43/100 — Thin evidence · provisional; evidence 57% - Growth & earnings 24.7/35 | Capital efficiency 5.3/25 | Valuation 10.0/20 | Relative strength 3.2/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 24.7 + 5.3 + 10 + 3.2 = 43.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 20. Ondas Inc. (ONDS): 42/100 — Mixed-negative evidence; evidence 64% - Growth & earnings 25.7/35 | Capital efficiency 3.7/25 | Valuation 9.1/20 | Relative strength 3.8/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 25.7 + 3.7 + 9.1 + 3.8 = 42.3 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -25.8% and the one-year return is 149.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 21. Nokia Oyj (NOK): 42/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 16.6/35 | Capital efficiency 8.9/25 | Valuation 9.3/20 | Relative strength 7.5/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 16.6 + 8.9 + 9.3 + 7.5 = 42.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 22. Lantronix, Inc. (LTRX): 41/100 — Thin evidence · provisional; evidence 55% - Growth & earnings 17.7/35 | Capital efficiency 5.5/25 | Valuation 10.0/20 | Relative strength 7.6/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks - Exact sum: 17.7 + 5.5 + 10 + 7.6 = 40.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 23. Telesat Corporation (TSAT): 41/100 — Mixed-negative evidence; evidence 64% - Growth & earnings 8.0/35 | Capital efficiency 6.0/25 | Valuation 11.3/20 | Relative strength 15.2/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 8 + 6 + 11.3 + 15.2 = 40.5 - Decision use: Price leads the evidence: RS versus the benchmark is 41.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 24. Frequency Electronics, Inc. (FEIM): 40/100 — Thin evidence · provisional; evidence 52% - Growth & earnings 10.5/35 | Capital efficiency 5.9/25 | Valuation 9.5/20 | Relative strength 14.2/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks - Exact sum: 10.5 + 5.9 + 9.5 + 14.2 = 40.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 25. AudioCodes Ltd. (AUDC): 40/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 10.1/35 | Capital efficiency 10.9/25 | Valuation 10.7/20 | Relative strength 7.9/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 10.1 + 10.9 + 10.7 + 7.9 = 39.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 26. ADTRAN Holdings, Inc. (ADTN): 40/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 20.0/35 | Capital efficiency 7.7/25 | Valuation 8.6/20 | Relative strength 3.3/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 20 + 7.7 + 8.6 + 3.3 = 39.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 27. Clearfield, Inc. (CLFD): 36/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 13.1/35 | Capital efficiency 7.1/25 | Valuation 10.3/20 | Relative strength 5.5/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 13.1 + 7.1 + 10.3 + 5.5 = 36 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 28. NETGEAR, Inc. (NTGR): 34/100 — Adverse evidence; evidence 64% - Growth & earnings 12.0/35 | Capital efficiency 4.5/25 | Valuation 11.0/20 | Relative strength 6.1/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 12 + 4.5 + 11 + 6.1 = 33.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 29. Aviat Networks, Inc. (AVNW): 34/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 9.6/35 | Capital efficiency 9.0/25 | Valuation 10.1/20 | Relative strength 4.9/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 9.6 + 9 + 10.1 + 4.9 = 33.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action Lumentum Holdings Inc. has the strongest one-year price move in Communication Equipment at +630.6%. Silicom Ltd. leads on Mansfield relative strength against the S&P 500 at +69.4%. 15 of 29 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04. ### Strongest one-year price performers 1. Lumentum Holdings Inc. (LITE): 631% 2. Applied Optoelectronics, Inc. (AAOI): 510% 3. Ciena Corporation (CIEN): 333% 4. Viavi Solutions Inc. (VIAV): 269% 5. Viasat, Inc. (VSAT): 236% ### Strongest relative strength versus NIFTY 500 1. Silicom Ltd. (SILC): 69% 2. Hewlett Packard Enterprise Company (HPE): 65% 3. Viasat, Inc. (VSAT): 59% 4. Applied Optoelectronics, Inc. (AAOI): 54% 5. Lumentum Holdings Inc. (LITE): 48% ## Revenue Scale & Growth Durability What the numbers say: Cisco Systems, Inc. is the scale leader at $60,746 million, 56.6% ahead of Hewlett Packard Enterprise Company. AST SpaceMobile, Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 1600% from a $85 million base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Cisco Systems, Inc. is the scale benchmark; AST SpaceMobile, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Cisco Systems, Inc.'s growth falls below AST SpaceMobile, Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: Cisco Systems, Inc. · $60,746 million | 56.6% versus #2 · Hewlett Packard Enterprise Company | 6/8 recent comparable periods | 23/29 companies · 537 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Cisco Systems, Inc. (CSCO): ₹60.7K Cr 2. Hewlett Packard Enterprise Company (HPE): ₹38.8K Cr 3. Ciena Corporation (CIEN): ₹5.6K Cr 4. Viasat, Inc. (VSAT): ₹4.6K Cr 5. Vistance Networks, Inc. (VISN): ₹4.0K Cr ### Revenue growth — fastest growers 1. AST SpaceMobile, Inc. (ASTS): 100% 2. Ondas Inc. (ONDS): 100% 3. Lumentum Holdings Inc. (LITE): 69% 4. Applied Optoelectronics, Inc. (AAOI): 65% 5. Gilat Satellite Networks Ltd. (GILT): 46% ### 20-quarter Revenue history - CSCO: Sep 2021 ₹13.1K Cr | Dec 2021 ₹12.9K Cr | Mar 2022 ₹12.7K Cr | Jun 2022 ₹12.8K Cr | Sep 2022 ₹13.1K Cr | Dec 2022 ₹13.6K Cr | Mar 2023 ₹13.6K Cr | Jun 2023 ₹14.6K Cr | Sep 2023 ₹15.2K Cr | Dec 2023 ₹14.7K Cr | Mar 2024 ₹12.8K Cr | Jun 2024 ₹12.7K Cr | Sep 2024 ₹13.6K Cr | Dec 2024 ₹13.8K Cr | Mar 2025 ₹14.0K Cr | Jun 2025 ₹14.1K Cr | Sep 2025 ₹14.7K Cr | Dec 2025 ₹14.9K Cr | Mar 2026 ₹15.3K Cr | Jun 2026 ₹15.8K Cr - MSI: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 — | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 — | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 — | Jun 2026 ₹2.7K Cr - HPE: Sep 2021 ₹6.9K Cr | Dec 2021 ₹7.4K Cr | Mar 2022 ₹7.0K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹7.0K Cr | Dec 2022 ₹7.9K Cr | Mar 2023 ₹7.8K Cr | Jun 2023 ₹7.0K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹7.4K Cr | Mar 2024 ₹6.8K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹8.5K Cr | Mar 2025 ₹7.9K Cr | Jun 2025 ₹7.6K Cr | Sep 2025 ₹9.1K Cr | Dec 2025 ₹9.7K Cr | Mar 2026 ₹9.3K Cr | Jun 2026 ₹10.7K Cr - LITE: Sep 2021 ₹392 Cr | Dec 2021 ₹448 Cr | Mar 2022 ₹447 Cr | Jun 2022 ₹395 Cr | Sep 2022 ₹422 Cr | Dec 2022 ₹507 Cr | Mar 2023 — | Jun 2023 ₹383 Cr | Sep 2023 ₹371 Cr | Dec 2023 ₹367 Cr | Mar 2024 ₹367 Cr | Jun 2024 ₹308 Cr | Sep 2024 ₹337 Cr | Dec 2024 ₹402 Cr | Mar 2025 ₹425 Cr | Jun 2025 ₹481 Cr | Sep 2025 ₹534 Cr | Dec 2025 ₹666 Cr | Mar 2026 ₹808 Cr | Jun 2026 — - CIEN: Sep 2021 ₹988 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹844 Cr | Jun 2022 ₹949 Cr | Sep 2022 ₹868 Cr | Dec 2022 ₹971 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹911 Cr | Sep 2024 ₹942 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.6K Cr - NOK: Sep 2021 ₹5.4K Cr | Dec 2021 ₹6.4K Cr | Mar 2022 ₹5.3K Cr | Jun 2022 ₹5.9K Cr | Sep 2022 ₹6.2K Cr | Dec 2022 ₹7.4K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹6.1K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 — - UI: Sep 2021 ₹459 Cr | Dec 2021 ₹432 Cr | Mar 2022 ₹358 Cr | Jun 2022 ₹443 Cr | Sep 2022 ₹498 Cr | Dec 2022 ₹494 Cr | Mar 2023 ₹458 Cr | Jun 2023 ₹491 Cr | Sep 2023 ₹463 Cr | Dec 2023 ₹465 Cr | Mar 2024 ₹493 Cr | Jun 2024 ₹507 Cr | Sep 2024 ₹550 Cr | Dec 2024 ₹600 Cr | Mar 2025 ₹664 Cr | Jun 2025 ₹759 Cr | Sep 2025 ₹734 Cr | Dec 2025 ₹815 Cr | Mar 2026 ₹788 Cr | Jun 2026 — - ASTS: Sep 2021 ₹2 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹15 Cr | Jun 2026 — - ZBRA: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 — | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 — | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 — | Jun 2026 ₹1.5K Cr - VSAT: Sep 2021 ₹609 Cr | Dec 2021 ₹625 Cr | Mar 2022 ₹607 Cr | Jun 2022 ₹575 Cr | Sep 2022 ₹664 Cr | Dec 2022 ₹651 Cr | Mar 2023 ₹666 Cr | Jun 2023 ₹780 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - AAOI: Sep 2021 ₹53 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹100 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹103 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹151 Cr | Jun 2026 — - VIAV: Sep 2021 ₹311 Cr | Dec 2021 ₹327 Cr | Mar 2022 ₹315 Cr | Jun 2022 ₹316 Cr | Sep 2022 ₹335 Cr | Dec 2022 ₹310 Cr | Mar 2023 — | Jun 2023 ₹248 Cr | Sep 2023 ₹264 Cr | Dec 2023 ₹255 Cr | Mar 2024 ₹246 Cr | Jun 2024 ₹252 Cr | Sep 2024 ₹238 Cr | Dec 2024 ₹271 Cr | Mar 2025 ₹285 Cr | Jun 2025 ₹291 Cr | Sep 2025 ₹299 Cr | Dec 2025 ₹369 Cr | Mar 2026 ₹407 Cr | Jun 2026 — - ONDS: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹50 Cr | Jun 2026 — - BDC: Sep 2021 ₹576 Cr | Dec 2021 ₹605 Cr | Mar 2022 — | Jun 2022 ₹610 Cr | Sep 2022 ₹667 Cr | Dec 2022 ₹670 Cr | Mar 2023 — | Jun 2023 ₹642 Cr | Sep 2023 ₹692 Cr | Dec 2023 ₹627 Cr | Mar 2024 ₹536 Cr | Jun 2024 ₹604 Cr | Sep 2024 ₹655 Cr | Dec 2024 ₹666 Cr | Mar 2025 ₹625 Cr | Jun 2025 ₹672 Cr | Sep 2025 ₹698 Cr | Dec 2025 ₹720 Cr | Mar 2026 ₹696 Cr | Jun 2026 — - EXTR: Sep 2021 ₹268 Cr | Dec 2021 ₹281 Cr | Mar 2022 ₹286 Cr | Jun 2022 ₹278 Cr | Sep 2022 ₹298 Cr | Dec 2022 ₹318 Cr | Mar 2023 ₹333 Cr | Jun 2023 ₹364 Cr | Sep 2023 ₹353 Cr | Dec 2023 ₹296 Cr | Mar 2024 ₹211 Cr | Jun 2024 ₹257 Cr | Sep 2024 ₹269 Cr | Dec 2024 ₹279 Cr | Mar 2025 ₹285 Cr | Jun 2025 ₹307 Cr | Sep 2025 ₹310 Cr | Dec 2025 ₹318 Cr | Mar 2026 ₹317 Cr | Jun 2026 — - TSAT: Sep 2021 ₹192 Cr | Dec 2021 ₹187 Cr | Mar 2022 ₹186 Cr | Jun 2022 ₹187 Cr | Sep 2022 ₹180 Cr | Dec 2022 ₹207 Cr | Mar 2023 ₹183 Cr | Jun 2023 ₹180 Cr | Sep 2023 ₹175 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹152 Cr | Sep 2024 ₹138 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹101 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹87 Cr | Jun 2026 — - VISN: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹923 Cr | Mar 2024 ₹901 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹415 Cr | Mar 2025 ₹388 Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹515 Cr | Mar 2026 ₹472 Cr | Jun 2026 — - DGII: Sep 2021 ₹79 Cr | Dec 2021 ₹84 Cr | Mar 2022 ₹95 Cr | Jun 2022 ₹104 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹112 Cr | Dec 2023 ₹106 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹105 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹122 Cr | Mar 2026 ₹131 Cr | Jun 2026 — - HLIT: Sep 2021 ₹113 Cr | Dec 2021 ₹126 Cr | Mar 2022 — | Jun 2022 ₹147 Cr | Sep 2022 ₹157 Cr | Dec 2022 ₹164 Cr | Mar 2023 ₹158 Cr | Jun 2023 ₹156 Cr | Sep 2023 ₹127 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹122 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹196 Cr | Dec 2024 ₹222 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹138 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹-53 Cr | Mar 2026 — | Jun 2026 ₹122 Cr - GILT: Sep 2021 ₹50 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹73 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹78 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹137 Cr | Mar 2026 ₹110 Cr | Jun 2026 — - FEIM: Sep 2021 ₹13 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹17 Cr | Jun 2026 — - ADTN: Sep 2021 ₹138 Cr | Dec 2021 ₹154 Cr | Mar 2022 ₹155 Cr | Jun 2022 ₹172 Cr | Sep 2022 ₹341 Cr | Dec 2022 ₹358 Cr | Mar 2023 ₹324 Cr | Jun 2023 ₹327 Cr | Sep 2023 ₹272 Cr | Dec 2023 ₹225 Cr | Mar 2024 ₹226 Cr | Jun 2024 ₹226 Cr | Sep 2024 ₹228 Cr | Dec 2024 ₹243 Cr | Mar 2025 ₹248 Cr | Jun 2025 ₹265 Cr | Sep 2025 ₹279 Cr | Dec 2025 ₹292 Cr | Mar 2026 ₹286 Cr | Jun 2026 — - NTGR: Sep 2021 — | Dec 2021 ₹290 Cr | Mar 2022 — | Jun 2022 ₹211 Cr | Sep 2022 ₹223 Cr | Dec 2022 ₹250 Cr | Mar 2023 — | Jun 2023 ₹181 Cr | Sep 2023 ₹173 Cr | Dec 2023 ₹198 Cr | Mar 2024 ₹165 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹183 Cr | Dec 2024 ₹182 Cr | Mar 2025 ₹162 Cr | Jun 2025 ₹171 Cr | Sep 2025 ₹185 Cr | Dec 2025 ₹182 Cr | Mar 2026 ₹159 Cr | Jun 2026 — - CLFD: Sep 2021 ₹45 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹95 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹34 Cr | Jun 2026 — - BKTI: Sep 2021 ₹13 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹21 Cr | Jun 2026 — - AVNW: Sep 2021 ₹72 Cr | Dec 2021 ₹73 Cr | Mar 2022 — | Jun 2022 ₹75 Cr | Sep 2022 ₹77 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹111 Cr | Jun 2024 ₹117 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹113 Cr | Jun 2025 ₹115 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹111 Cr | Mar 2026 ₹100 Cr | Jun 2026 — - LTRX: Sep 2021 ₹28 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹30 Cr | Jun 2026 — - SILC: Sep 2021 ₹33 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹19 Cr | Jun 2026 — - AUDC: Sep 2021 ₹63 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹66 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹70 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹62 Cr | Jun 2026 — ### 20-quarter Revenue growth history - CSCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -0.2% | Dec 2022 5.7% | Mar 2023 6.9% | Jun 2023 14% | Sep 2023 16% | Dec 2023 7.6% | Mar 2024 -5.9% | Jun 2024 -13% | Sep 2024 -10% | Dec 2024 -5.6% | Mar 2025 9.4% | Jun 2025 11% | Sep 2025 7.6% | Dec 2025 7.5% | Mar 2026 9.7% | Jun 2026 12% - MSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.6% | Dec 2022 13% | Mar 2023 — | Jun 2023 15% | Sep 2023 12% | Dec 2023 20% | Mar 2024 — | Jun 2024 21% | Sep 2024 16% | Dec 2024 5.7% | Mar 2025 5.8% | Jun 2025 5.2% | Sep 2025 7.9% | Dec 2025 12% | Mar 2026 — | Jun 2026 -1.8% - HPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.8% | Dec 2022 7.0% | Mar 2023 12% | Jun 2023 3.9% | Sep 2023 0.7% | Dec 2023 -6.6% | Mar 2024 -14% | Jun 2024 3.3% | Sep 2024 10% | Dec 2024 15% | Mar 2025 16% | Jun 2025 5.9% | Sep 2025 19% | Dec 2025 14% | Mar 2026 18% | Jun 2026 40% - LITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.7% | Dec 2022 13% | Mar 2023 — | Jun 2023 -3.0% | Sep 2023 -12% | Dec 2023 -28% | Mar 2024 — | Jun 2024 -20% | Sep 2024 -9.2% | Dec 2024 9.5% | Mar 2025 16% | Jun 2025 56% | Sep 2025 58% | Dec 2025 66% | Mar 2026 90% | Jun 2026 — - CIEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -12% | Dec 2022 -6.7% | Mar 2023 25% | Jun 2023 19% | Sep 2023 23% | Dec 2023 16% | Mar 2024 -1.8% | Jun 2024 -20% | Sep 2024 -12% | Dec 2024 -0.4% | Mar 2025 3.3% | Jun 2025 24% | Sep 2025 29% | Dec 2025 20% | Mar 2026 33% | Jun 2026 40% - NOK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 16% | Dec 2022 16% | Mar 2023 9.6% | Jun 2023 -7.4% | Sep 2023 -25% | Dec 2023 -27% | Mar 2024 -24% | Jun 2024 -18% | Sep 2024 -8.1% | Dec 2024 10% | Mar 2025 -1.2% | Jun 2025 1.8% | Sep 2025 12% | Dec 2025 2.4% | Mar 2026 2.4% | Jun 2026 — - UI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -7.3% | Sep 2022 8.5% | Dec 2022 14% | Mar 2023 28% | Jun 2023 11% | Sep 2023 -7.0% | Dec 2023 -5.9% | Mar 2024 7.6% | Jun 2024 3.3% | Sep 2024 19% | Dec 2024 29% | Mar 2025 35% | Jun 2025 50% | Sep 2025 33% | Dec 2025 36% | Mar 2026 19% | Jun 2026 — - ASTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 133% | Sep 2022 100% | Dec 2022 -100% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 1,400% | Dec 2025 2,600% | Mar 2026 1,400% | Jun 2026 — - ZBRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.6% | Dec 2022 -4.0% | Mar 2023 — | Jun 2023 -1.9% | Sep 2023 -17% | Dec 2023 -27% | Mar 2024 — | Jun 2024 -13% | Sep 2024 3.4% | Dec 2024 32% | Mar 2025 11% | Jun 2025 6.2% | Sep 2025 5.2% | Dec 2025 11% | Mar 2026 — | Jun 2026 16% - VSAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -14% | Sep 2022 9.0% | Dec 2022 4.2% | Mar 2023 9.7% | Jun 2023 36% | Sep 2023 84% | Dec 2023 73% | Mar 2024 73% | Jun 2024 44% | Sep 2024 -8.4% | Dec 2024 -0.4% | Mar 2025 -0.3% | Jun 2025 4.0% | Sep 2025 1.7% | Dec 2025 2.9% | Mar 2026 2.1% | Jun 2026 — - AAOI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.7% | Sep 2022 7.6% | Dec 2022 15% | Mar 2023 1.9% | Jun 2023 -19% | Sep 2023 11% | Dec 2023 -3.2% | Mar 2024 -23% | Jun 2024 2.4% | Sep 2024 3.2% | Dec 2024 67% | Mar 2025 144% | Jun 2025 140% | Sep 2025 83% | Dec 2025 34% | Mar 2026 51% | Jun 2026 — - VIAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.7% | Dec 2022 -5.2% | Mar 2023 — | Jun 2023 -22% | Sep 2023 -21% | Dec 2023 -18% | Mar 2024 — | Jun 2024 1.6% | Sep 2024 -9.9% | Dec 2024 6.3% | Mar 2025 16% | Jun 2025 15% | Sep 2025 26% | Dec 2025 36% | Mar 2026 43% | Jun 2026 — - ONDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 — | Dec 2022 -100% | Mar 2023 — | Jun 2023 400% | Sep 2023 200% | Dec 2023 — | Mar 2024 -67% | Jun 2024 -80% | Sep 2024 -67% | Dec 2024 -20% | Mar 2025 300% | Jun 2025 500% | Sep 2025 900% | Dec 2025 650% | Mar 2026 1,150% | Jun 2026 — - BDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 16% | Dec 2022 11% | Mar 2023 — | Jun 2023 5.3% | Sep 2023 3.8% | Dec 2023 -6.4% | Mar 2024 — | Jun 2024 -5.9% | Sep 2024 -5.4% | Dec 2024 6.2% | Mar 2025 17% | Jun 2025 11% | Sep 2025 6.6% | Dec 2025 8.1% | Mar 2026 11% | Jun 2026 — - EXTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 11% | Dec 2022 13% | Mar 2023 16% | Jun 2023 31% | Sep 2023 18% | Dec 2023 -6.9% | Mar 2024 -37% | Jun 2024 -29% | Sep 2024 -24% | Dec 2024 -5.7% | Mar 2025 35% | Jun 2025 19% | Sep 2025 15% | Dec 2025 14% | Mar 2026 11% | Jun 2026 — - TSAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.5% | Sep 2022 -6.3% | Dec 2022 11% | Mar 2023 -1.6% | Jun 2023 -3.7% | Sep 2023 -2.8% | Dec 2023 -20% | Mar 2024 -17% | Jun 2024 -16% | Sep 2024 -21% | Dec 2024 -23% | Mar 2025 -23% | Jun 2025 -30% | Sep 2025 -27% | Dec 2025 -27% | Mar 2026 -26% | Jun 2026 — - VISN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.3% | Sep 2022 13% | Dec 2022 4.2% | Mar 2023 -25% | Jun 2023 -31% | Sep 2023 -56% | Dec 2023 -60% | Mar 2024 -46% | Jun 2024 -34% | Sep 2024 2.8% | Dec 2024 -55% | Mar 2025 -57% | Jun 2025 32% | Sep 2025 51% | Dec 2025 24% | Mar 2026 22% | Jun 2026 — - DGII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 34% | Dec 2022 30% | Mar 2023 17% | Jun 2023 7.7% | Sep 2023 5.7% | Dec 2023 -2.8% | Mar 2024 -2.7% | Jun 2024 -6.3% | Sep 2024 -6.3% | Dec 2024 -1.9% | Mar 2025 -2.8% | Jun 2025 2.9% | Sep 2025 8.6% | Dec 2025 17% | Mar 2026 25% | Jun 2026 — - HLIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 39% | Dec 2022 30% | Mar 2023 — | Jun 2023 6.1% | Sep 2023 -19% | Dec 2023 1.8% | Mar 2024 -23% | Jun 2024 -11% | Sep 2024 54% | Dec 2024 33% | Mar 2025 -30% | Jun 2025 -0.7% | Sep 2025 -28% | Dec 2025 -124% | Mar 2026 — | Jun 2026 -12% - GILT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 20% | Dec 2022 9.0% | Mar 2023 16% | Jun 2023 24% | Sep 2023 6.7% | Dec 2023 4.1% | Mar 2024 29% | Jun 2024 13% | Sep 2024 17% | Dec 2024 2.6% | Mar 2025 21% | Jun 2025 36% | Sep 2025 57% | Dec 2025 76% | Mar 2026 20% | Jun 2026 — - FEIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -38% | Sep 2022 -38% | Dec 2022 -31% | Mar 2023 -8.3% | Jun 2023 30% | Sep 2023 50% | Dec 2023 56% | Mar 2024 27% | Jun 2024 23% | Sep 2024 25% | Dec 2024 14% | Mar 2025 36% | Jun 2025 25% | Sep 2025 -6.7% | Dec 2025 6.3% | Mar 2026 -11% | Jun 2026 — - ADTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 147% | Dec 2022 132% | Mar 2023 109% | Jun 2023 90% | Sep 2023 -20% | Dec 2023 -37% | Mar 2024 -30% | Jun 2024 -31% | Sep 2024 -16% | Dec 2024 8.0% | Mar 2025 9.7% | Jun 2025 17% | Sep 2025 22% | Dec 2025 20% | Mar 2026 15% | Jun 2026 — - NTGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -32% | Sep 2022 — | Dec 2022 -14% | Mar 2023 — | Jun 2023 -14% | Sep 2023 -22% | Dec 2023 -21% | Mar 2024 — | Jun 2024 -20% | Sep 2024 5.8% | Dec 2024 -8.1% | Mar 2025 -1.8% | Jun 2025 19% | Sep 2025 1.1% | Dec 2025 0.0% | Mar 2026 -1.9% | Jun 2026 — - CLFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 82% | Sep 2022 111% | Dec 2022 69% | Mar 2023 36% | Jun 2023 -14% | Sep 2023 -47% | Dec 2023 -60% | Mar 2024 -49% | Jun 2024 -20% | Sep 2024 -6.0% | Dec 2024 -12% | Mar 2025 11% | Jun 2025 2.0% | Sep 2025 -62% | Dec 2025 13% | Mar 2026 -17% | Jun 2026 — - BKTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.1% | Sep 2022 -7.7% | Dec 2022 54% | Mar 2023 171% | Jun 2023 58% | Sep 2023 67% | Dec 2023 -20% | Mar 2024 -5.3% | Jun 2024 5.3% | Sep 2024 0.0% | Dec 2024 13% | Mar 2025 5.6% | Jun 2025 5.0% | Sep 2025 20% | Dec 2025 22% | Mar 2026 11% | Jun 2026 — - AVNW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.9% | Dec 2022 25% | Mar 2023 — | Jun 2023 19% | Sep 2023 13% | Dec 2023 3.3% | Mar 2024 34% | Jun 2024 31% | Sep 2024 1.2% | Dec 2024 26% | Mar 2025 1.8% | Jun 2025 -1.7% | Sep 2025 22% | Dec 2025 -5.9% | Mar 2026 -12% | Jun 2026 — - LTRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 71% | Sep 2022 14% | Dec 2022 -5.9% | Mar 2023 3.1% | Jun 2023 -2.8% | Sep 2023 3.1% | Dec 2023 16% | Mar 2024 24% | Jun 2024 40% | Sep 2024 3.0% | Dec 2024 -16% | Mar 2025 -29% | Jun 2025 -41% | Sep 2025 -12% | Dec 2025 -3.2% | Mar 2026 3.5% | Jun 2026 — - SILC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 18% | Dec 2022 25% | Mar 2023 16% | Jun 2023 12% | Sep 2023 -23% | Dec 2023 -58% | Mar 2024 -62% | Jun 2024 -61% | Sep 2024 -50% | Dec 2024 -26% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 6.7% | Dec 2025 21% | Mar 2026 36% | Jun 2026 — - AUDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 11% | Dec 2022 7.6% | Mar 2023 -11% | Jun 2023 -12% | Sep 2023 -11% | Dec 2023 -9.9% | Mar 2024 1.7% | Jun 2024 0.0% | Sep 2024 -3.2% | Dec 2024 -3.1% | Mar 2025 0.0% | Jun 2025 1.7% | Sep 2025 3.3% | Dec 2025 1.6% | Mar 2026 3.3% | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: Ubiquiti Inc. leads opm at 36.9%; AST SpaceMobile, Inc. leads margin change at +7755.2 percentage points. Investor read: Ubiquiti Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: Ubiquiti Inc. · 36.9% | 47.6% versus #2 · Cisco Systems, Inc. | 7/8 recent comparable periods | 28/29 companies · 521 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Ubiquiti Inc. (UI): 37% 2. Cisco Systems, Inc. (CSCO): 25% 3. Lumentum Holdings Inc. (LITE): 22% 4. Motorola Solutions, Inc. (MSI): 19% 5. Harmonic Inc. (HLIT): 17% ### Margin change — fastest expanders 1. AST SpaceMobile, Inc. (ASTS): +7,755.2 pp 2. Ondas Inc. (ONDS): +157.6 pp 3. Lumentum Holdings Inc. (LITE): +30.5 pp 4. Hewlett Packard Enterprise Company (HPE): +21.5 pp 5. Harmonic Inc. (HLIT): +14.0 pp ### 20-quarter OPM history - CSCO: Sep 2021 27% | Dec 2021 27% | Mar 2022 27% | Jun 2022 28% | Sep 2022 26% | Dec 2022 26% | Mar 2023 24% | Jun 2023 27% | Sep 2023 28% | Dec 2023 29% | Mar 2024 24% | Jun 2024 17% | Sep 2024 19% | Dec 2024 17% | Mar 2025 22% | Jun 2025 23% | Sep 2025 21% | Dec 2025 23% | Mar 2026 25% | Jun 2026 25% - MSI: Sep 2021 19% | Dec 2021 21% | Mar 2022 — | Jun 2022 13% | Sep 2022 17% | Dec 2022 16% | Mar 2023 — | Jun 2023 18% | Sep 2023 22% | Dec 2023 26% | Mar 2024 22% | Jun 2024 25% | Sep 2024 26% | Dec 2024 27% | Mar 2025 23% | Jun 2025 25% | Sep 2025 26% | Dec 2025 28% | Mar 2026 — | Jun 2026 19% - HPE: Sep 2021 4.1% | Dec 2021 4.8% | Mar 2022 6.4% | Jun 2022 3.1% | Sep 2022 6.7% | Dec 2022 7.2% | Mar 2023 7.6% | Jun 2023 7.5% | Sep 2023 6.7% | Dec 2023 6.8% | Mar 2024 7.8% | Jun 2024 5.9% | Sep 2024 7.1% | Dec 2024 8.2% | Mar 2025 5.5% | Jun 2025 -15% | Sep 2025 2.7% | Dec 2025 2.6% | Mar 2026 5.1% | Jun 2026 7.0% - LITE: Sep 2021 12% | Dec 2021 26% | Mar 2022 19% | Jun 2022 12% | Sep 2022 13% | Dec 2022 2.7% | Mar 2023 — | Jun 2023 -13% | Sep 2023 -15% | Dec 2023 -29% | Mar 2024 -31% | Jun 2024 -43% | Sep 2024 -25% | Dec 2024 -13% | Mar 2025 -8.9% | Jun 2025 -1.7% | Sep 2025 1.3% | Dec 2025 9.7% | Mar 2026 22% | Jun 2026 — - CIEN: Sep 2021 15% | Dec 2021 13% | Mar 2022 7.1% | Jun 2022 6.2% | Sep 2022 3.1% | Dec 2022 8.0% | Mar 2023 8.1% | Jun 2023 9.1% | Sep 2023 7.3% | Dec 2023 8.1% | Mar 2024 8.2% | Jun 2024 -0.4% | Sep 2024 2.8% | Dec 2024 5.3% | Mar 2025 7.5% | Jun 2025 2.9% | Sep 2025 6.0% | Dec 2025 0.8% | Mar 2026 13% | Jun 2026 15% - NOK: Sep 2021 9.3% | Dec 2021 12% | Mar 2022 6.6% | Jun 2022 9.6% | Sep 2022 8.3% | Dec 2022 12% | Mar 2023 7.3% | Jun 2023 8.6% | Sep 2023 5.0% | Dec 2023 9.9% | Mar 2024 9.1% | Jun 2024 9.7% | Sep 2024 6.4% | Dec 2024 14% | Mar 2025 -0.5% | Jun 2025 1.8% | Sep 2025 5.0% | Dec 2025 8.8% | Mar 2026 1.4% | Jun 2026 — - UI: Sep 2021 35% | Dec 2021 29% | Mar 2022 18% | Jun 2022 25% | Sep 2022 25% | Dec 2022 29% | Mar 2023 29% | Jun 2023 29% | Sep 2023 28% | Dec 2023 26% | Mar 2024 23% | Jun 2024 27% | Sep 2024 31% | Dec 2024 30% | Mar 2025 34% | Jun 2025 34% | Sep 2025 36% | Dec 2025 36% | Mar 2026 37% | Jun 2026 — - ASTS: Sep 2021 -929% | Dec 2021 -458% | Mar 2022 — | Jun 2022 -418% | Sep 2022 -971% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -541% | Dec 2025 -79% | Mar 2026 — | Jun 2026 — - ZBRA: Sep 2021 18% | Dec 2021 17% | Mar 2022 — | Jun 2022 15% | Sep 2022 -9.9% | Dec 2022 15% | Mar 2023 — | Jun 2023 16% | Sep 2023 16% | Dec 2023 7.3% | Mar 2024 14% | Jun 2024 14% | Sep 2024 15% | Dec 2024 17% | Mar 2025 15% | Jun 2025 14% | Sep 2025 14% | Dec 2025 9.4% | Mar 2026 — | Jun 2026 14% - VSAT: Sep 2021 -4.0% | Dec 2021 -4.6% | Mar 2022 -8.0% | Jun 2022 -9.8% | Sep 2022 0.7% | Dec 2022 -4.8% | Mar 2023 -11% | Jun 2023 -5.3% | Sep 2023 -66% | Dec 2023 -3.9% | Mar 2024 0.0% | Jun 2024 5.3% | Sep 2024 -2.2% | Dec 2024 1.9% | Mar 2025 -13% | Jun 2025 4.0% | Sep 2025 3.1% | Dec 2025 2.3% | Mar 2026 -0.1% | Jun 2026 — - AAOI: Sep 2021 -29% | Dec 2021 -25% | Mar 2022 -27% | Jun 2022 -25% | Sep 2022 -24% | Dec 2022 -30% | Mar 2023 -27% | Jun 2023 -38% | Sep 2023 -11% | Dec 2023 -7.5% | Mar 2024 -53% | Jun 2024 -61% | Sep 2024 -25% | Dec 2024 -6.5% | Mar 2025 -8.9% | Jun 2025 -16% | Sep 2025 -15% | Dec 2025 -8.6% | Mar 2026 -8.6% | Jun 2026 — - VIAV: Sep 2021 11% | Dec 2021 14% | Mar 2022 16% | Jun 2022 13% | Sep 2022 14% | Dec 2022 16% | Mar 2023 — | Jun 2023 -0.8% | Sep 2023 4.5% | Dec 2023 8.8% | Mar 2024 -4.8% | Jun 2024 -2.3% | Sep 2024 4.8% | Dec 2024 8.2% | Mar 2025 3.0% | Jun 2025 5.3% | Sep 2025 2.5% | Dec 2025 3.1% | Mar 2026 6.1% | Jun 2026 — - ONDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -487% | Jun 2023 -155% | Sep 2023 -223% | Dec 2023 -255% | Mar 2024 — | Jun 2024 -867% | Sep 2024 -585% | Dec 2024 -206% | Mar 2025 -243% | Jun 2025 -147% | Sep 2025 -154% | Dec 2025 -77% | Mar 2026 -85% | Jun 2026 — - BDC: Sep 2021 12% | Dec 2021 12% | Mar 2022 — | Jun 2022 12% | Sep 2022 12% | Dec 2022 14% | Mar 2023 — | Jun 2023 13% | Sep 2023 13% | Dec 2023 13% | Mar 2024 9.9% | Jun 2024 11% | Sep 2024 12% | Dec 2024 10% | Mar 2025 12% | Jun 2025 12% | Sep 2025 11% | Dec 2025 12% | Mar 2026 11% | Jun 2026 — - EXTR: Sep 2021 6.9% | Dec 2021 6.4% | Mar 2022 6.1% | Jun 2022 3.8% | Sep 2022 5.8% | Dec 2022 7.4% | Mar 2023 8.9% | Jun 2023 10% | Sep 2023 10% | Dec 2023 3.5% | Mar 2024 -30% | Jun 2024 -19% | Sep 2024 -1.8% | Dec 2024 4.5% | Mar 2025 3.6% | Jun 2025 -0.4% | Sep 2025 3.6% | Dec 2025 4.1% | Mar 2026 5.5% | Jun 2026 — - TSAT: Sep 2021 40% | Dec 2021 90% | Mar 2022 37% | Jun 2022 41% | Sep 2022 41% | Dec 2022 37% | Mar 2023 44% | Jun 2023 236% | Sep 2023 43% | Dec 2023 42% | Mar 2024 44% | Jun 2024 41% | Sep 2024 42% | Dec 2024 31% | Mar 2025 24% | Jun 2025 18% | Sep 2025 6.5% | Dec 2025 6.9% | Mar 2026 2.0% | Jun 2026 — - VISN: Sep 2021 1.0% | Dec 2021 1.7% | Mar 2022 1.2% | Jun 2022 2.7% | Sep 2022 6.5% | Dec 2022 -41% | Mar 2023 11% | Jun 2023 6.2% | Sep 2023 -39% | Dec 2023 -13% | Mar 2024 -6.1% | Jun 2024 8.7% | Sep 2024 9.4% | Dec 2024 -12% | Mar 2025 -4.2% | Jun 2025 17% | Sep 2025 19% | Dec 2025 -0.6% | Mar 2026 5.0% | Jun 2026 — - DGII: Sep 2021 4.2% | Dec 2021 4.5% | Mar 2022 8.0% | Jun 2022 9.6% | Sep 2022 16% | Dec 2022 11% | Mar 2023 11% | Jun 2023 11% | Sep 2023 12% | Dec 2023 11% | Mar 2024 7.6% | Jun 2024 12% | Sep 2024 14% | Dec 2024 13% | Mar 2025 13% | Jun 2025 14% | Sep 2025 13% | Dec 2025 13% | Mar 2026 13% | Jun 2026 — - HLIT: Sep 2021 1.9% | Dec 2021 4.3% | Mar 2022 — | Jun 2022 1.7% | Sep 2022 9.6% | Dec 2022 10% | Mar 2023 7.1% | Jun 2023 6.4% | Sep 2023 -6.8% | Dec 2023 5.8% | Mar 2024 -7.8% | Jun 2024 -11% | Sep 2024 18% | Dec 2024 24% | Mar 2025 8.3% | Jun 2025 2.8% | Sep 2025 6.9% | Dec 2025 18% | Mar 2026 — | Jun 2026 17% - GILT: Sep 2021 1.6% | Dec 2021 8.0% | Mar 2022 -2.0% | Jun 2022 2.7% | Sep 2022 5.7% | Dec 2022 8.4% | Mar 2023 12% | Jun 2023 8.1% | Sep 2023 20% | Dec 2023 3.8% | Mar 2024 7.1% | Jun 2024 3.6% | Sep 2024 9.0% | Dec 2024 16% | Mar 2025 -3.0% | Jun 2025 5.4% | Sep 2025 6.4% | Dec 2025 9.5% | Mar 2026 4.0% | Jun 2026 — - FEIM: Sep 2021 -13% | Dec 2021 2.3% | Mar 2022 -5.9% | Jun 2022 -58% | Sep 2022 -38% | Dec 2022 -26% | Mar 2023 3.1% | Jun 2023 3.0% | Sep 2023 17% | Dec 2023 6.9% | Mar 2024 -3.4% | Jun 2024 16% | Sep 2024 16% | Dec 2024 17% | Mar 2025 18% | Jun 2025 16% | Sep 2025 2.6% | Dec 2025 10% | Mar 2026 7.5% | Jun 2026 — - ADTN: Sep 2021 -7.3% | Dec 2021 -4.7% | Mar 2022 0.0% | Jun 2022 4.7% | Sep 2022 -14% | Dec 2022 -9.2% | Mar 2023 -15% | Jun 2023 -14% | Sep 2023 -33% | Dec 2023 -18% | Mar 2024 -153% | Jun 2024 -17% | Sep 2024 -12% | Dec 2024 -6.9% | Mar 2025 -1.6% | Jun 2025 -5.0% | Sep 2025 -1.0% | Dec 2025 1.5% | Mar 2026 2.2% | Jun 2026 — - NTGR: Sep 2021 — | Dec 2021 4.5% | Mar 2022 — | Jun 2022 -28% | Sep 2022 -4.5% | Dec 2022 -0.9% | Mar 2023 — | Jun 2023 -6.6% | Sep 2023 -10% | Dec 2023 -0.3% | Mar 2024 -13% | Jun 2024 -33% | Sep 2024 52% | Dec 2024 -8.3% | Mar 2025 -7.9% | Jun 2025 -5.6% | Sep 2025 -3.8% | Dec 2025 -2.6% | Mar 2026 -8.6% | Jun 2026 — - CLFD: Sep 2021 21% | Dec 2021 26% | Mar 2022 22% | Jun 2022 23% | Sep 2022 23% | Dec 2022 21% | Mar 2023 17% | Jun 2023 9.2% | Sep 2023 3.5% | Dec 2023 -24% | Mar 2024 -26% | Jun 2024 -4.7% | Sep 2024 -6.4% | Dec 2024 -6.9% | Mar 2025 4.1% | Jun 2025 3.0% | Sep 2025 25% | Dec 2025 -5.3% | Mar 2026 -6.0% | Jun 2026 — - BKTI: Sep 2021 -2.9% | Dec 2021 1.8% | Mar 2022 -52% | Jun 2022 -30% | Sep 2022 -20% | Dec 2022 -7.7% | Mar 2023 -5.3% | Jun 2023 -4.1% | Sep 2023 3.0% | Dec 2023 2.5% | Mar 2024 5.4% | Jun 2024 10% | Sep 2024 13% | Dec 2024 12% | Mar 2025 15% | Jun 2025 19% | Sep 2025 20% | Dec 2025 20% | Mar 2026 15% | Jun 2026 — - AVNW: Sep 2021 5.2% | Dec 2021 9.3% | Mar 2022 — | Jun 2022 10% | Sep 2022 6.8% | Dec 2022 9.6% | Mar 2023 9.0% | Jun 2023 7.1% | Sep 2023 5.6% | Dec 2023 3.6% | Mar 2024 5.1% | Jun 2024 4.7% | Sep 2024 -18% | Dec 2024 6.7% | Mar 2025 8.3% | Jun 2025 7.7% | Sep 2025 4.8% | Dec 2025 6.5% | Mar 2026 0.9% | Jun 2026 — - LTRX: Sep 2021 -6.4% | Dec 2021 -5.2% | Mar 2022 -6.4% | Jun 2022 1.6% | Sep 2022 -4.3% | Dec 2022 -6.7% | Mar 2023 -7.4% | Jun 2023 -2.2% | Sep 2023 -4.8% | Dec 2023 -4.7% | Mar 2024 -0.2% | Jun 2024 1.2% | Sep 2024 -6.2% | Dec 2024 -6.9% | Mar 2025 -13% | Jun 2025 -11% | Sep 2025 -5.1% | Dec 2025 -3.6% | Mar 2026 -3.7% | Jun 2026 — - SILC: Sep 2021 10% | Dec 2021 12% | Mar 2022 7.6% | Jun 2022 12% | Sep 2022 16% | Dec 2022 16% | Mar 2023 11% | Jun 2023 11% | Sep 2023 3.2% | Dec 2023 -201% | Mar 2024 -24% | Jun 2024 -22% | Sep 2024 -21% | Dec 2024 -25% | Mar 2025 -22% | Jun 2025 -21% | Sep 2025 -20% | Dec 2025 -17% | Mar 2026 -15% | Jun 2026 — - AUDC: Sep 2021 16% | Dec 2021 14% | Mar 2022 12% | Jun 2022 12% | Sep 2022 10% | Dec 2022 12% | Mar 2023 -1.4% | Jun 2023 3.8% | Sep 2023 9.4% | Dec 2023 11% | Mar 2024 5.5% | Jun 2024 8.2% | Sep 2024 8.1% | Dec 2024 6.7% | Mar 2025 6.0% | Jun 2025 4.3% | Sep 2025 6.6% | Dec 2025 6.0% | Mar 2026 5.4% | Jun 2026 — ### 20-quarter Margin change history - CSCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −0.7 pp | Mar 2023 −3.2 pp | Jun 2023 −1.0 pp | Sep 2023 +1.8 pp | Dec 2023 +3.2 pp | Mar 2024 0.0 pp | Jun 2024 −9.9 pp | Sep 2024 −8.8 pp | Dec 2024 −12.2 pp | Mar 2025 −1.9 pp | Jun 2025 +5.4 pp | Sep 2025 +1.8 pp | Dec 2025 +5.6 pp | Mar 2026 +2.3 pp | Jun 2026 +2.4 pp - MSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 −5.7 pp | Mar 2023 — | Jun 2023 +5.8 pp | Sep 2023 +4.9 pp | Dec 2023 +10.2 pp | Mar 2024 — | Jun 2024 +6.1 pp | Sep 2024 +3.9 pp | Dec 2024 +1.1 pp | Mar 2025 +1.3 pp | Jun 2025 +0.5 pp | Sep 2025 +0.1 pp | Dec 2025 +0.9 pp | Mar 2026 — | Jun 2026 −5.7 pp - HPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.6 pp | Dec 2022 +2.4 pp | Mar 2023 +1.2 pp | Jun 2023 +4.4 pp | Sep 2023 0.0 pp | Dec 2023 −0.4 pp | Mar 2024 +0.2 pp | Jun 2024 −1.6 pp | Sep 2024 +0.4 pp | Dec 2024 +1.4 pp | Mar 2025 −2.3 pp | Jun 2025 −20.4 pp | Sep 2025 −4.4 pp | Dec 2025 −5.6 pp | Mar 2026 −0.4 pp | Jun 2026 +21.5 pp - LITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 −23.1 pp | Mar 2023 — | Jun 2023 −25.2 pp | Sep 2023 −28.2 pp | Dec 2023 −31.4 pp | Mar 2024 — | Jun 2024 −29.9 pp | Sep 2024 −9.4 pp | Dec 2024 +15.9 pp | Mar 2025 +22.4 pp | Jun 2025 +41.6 pp | Sep 2025 +25.8 pp | Dec 2025 +22.5 pp | Mar 2026 +30.5 pp | Jun 2026 — - CIEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.9 pp | Dec 2022 −5.2 pp | Mar 2023 +1.0 pp | Jun 2023 +2.9 pp | Sep 2023 +4.2 pp | Dec 2023 +0.1 pp | Mar 2024 +0.1 pp | Jun 2024 −9.5 pp | Sep 2024 −4.5 pp | Dec 2024 −2.8 pp | Mar 2025 −0.7 pp | Jun 2025 +3.3 pp | Sep 2025 +3.2 pp | Dec 2025 −4.5 pp | Mar 2026 +5.8 pp | Jun 2026 +12.2 pp - NOK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.5 pp | Sep 2022 −1.0 pp | Dec 2022 +0.3 pp | Mar 2023 +0.7 pp | Jun 2023 −1.0 pp | Sep 2023 −3.3 pp | Dec 2023 −1.9 pp | Mar 2024 +1.8 pp | Jun 2024 +1.1 pp | Sep 2024 +1.4 pp | Dec 2024 +4.5 pp | Mar 2025 −9.6 pp | Jun 2025 −7.9 pp | Sep 2025 −1.4 pp | Dec 2025 −5.6 pp | Mar 2026 +1.9 pp | Jun 2026 — - UI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −12.9 pp | Sep 2022 −10.7 pp | Dec 2022 +0.3 pp | Mar 2023 +11.7 pp | Jun 2023 +3.9 pp | Sep 2023 +3.2 pp | Dec 2023 −3.4 pp | Mar 2024 −6.6 pp | Jun 2024 −2.0 pp | Sep 2024 +3.0 pp | Dec 2024 +3.8 pp | Mar 2025 +11.6 pp | Jun 2025 +7.1 pp | Sep 2025 +5.0 pp | Dec 2025 +6.1 pp | Mar 2026 +2.7 pp | Jun 2026 — - ASTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +427.4 pp | Sep 2022 −42.0 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +2,330.8 pp | Jun 2025 +701.9 pp | Sep 2025 +5,418.1 pp | Dec 2025 +2,982.8 pp | Mar 2026 +7,755.2 pp | Jun 2026 — - ZBRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −27.8 pp | Dec 2022 −1.8 pp | Mar 2023 — | Jun 2023 +1.2 pp | Sep 2023 +25.9 pp | Dec 2023 −7.4 pp | Mar 2024 — | Jun 2024 −2.3 pp | Sep 2024 −0.8 pp | Dec 2024 +9.6 pp | Mar 2025 +1.4 pp | Jun 2025 +0.5 pp | Sep 2025 −1.3 pp | Dec 2025 −7.5 pp | Mar 2026 — | Jun 2026 +0.2 pp - VSAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −12.3 pp | Sep 2022 +4.7 pp | Dec 2022 −0.2 pp | Mar 2023 −2.9 pp | Jun 2023 +4.5 pp | Sep 2023 −66.4 pp | Dec 2023 +0.9 pp | Mar 2024 +10.9 pp | Jun 2024 +10.6 pp | Sep 2024 +63.5 pp | Dec 2024 +5.8 pp | Mar 2025 −13.4 pp | Jun 2025 −1.3 pp | Sep 2025 +5.3 pp | Dec 2025 +0.4 pp | Mar 2026 +13.3 pp | Jun 2026 — - AAOI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.5 pp | Sep 2022 +5.2 pp | Dec 2022 −4.8 pp | Mar 2023 +0.6 pp | Jun 2023 −13.7 pp | Sep 2023 +13.1 pp | Dec 2023 +22.3 pp | Mar 2024 −26.5 pp | Jun 2024 −22.3 pp | Sep 2024 −14.7 pp | Dec 2024 +1.0 pp | Mar 2025 +44.3 pp | Jun 2025 +45.2 pp | Sep 2025 +10.1 pp | Dec 2025 −2.1 pp | Mar 2026 +0.3 pp | Jun 2026 — - VIAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.8 pp | Dec 2022 +1.7 pp | Mar 2023 — | Jun 2023 −13.7 pp | Sep 2023 −9.8 pp | Dec 2023 −7.3 pp | Mar 2024 — | Jun 2024 −1.5 pp | Sep 2024 +0.3 pp | Dec 2024 −0.6 pp | Mar 2025 +7.8 pp | Jun 2025 +7.6 pp | Sep 2025 −2.3 pp | Dec 2025 −5.1 pp | Mar 2026 +3.1 pp | Jun 2026 — - ONDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1,528.7 pp | Sep 2022 −407.9 pp | Dec 2022 −5,974.7 pp | Mar 2023 +1,948.3 pp | Jun 2023 +1,726.9 pp | Sep 2023 +1,919.5 pp | Dec 2023 +6,952.3 pp | Mar 2024 −972.9 pp | Jun 2024 −711.5 pp | Sep 2024 −362.3 pp | Dec 2024 +48.6 pp | Mar 2025 +1,217.6 pp | Jun 2025 +719.5 pp | Sep 2025 +431.4 pp | Dec 2025 +128.9 pp | Mar 2026 +157.6 pp | Jun 2026 — - BDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +1.3 pp | Mar 2023 — | Jun 2023 +1.3 pp | Sep 2023 +1.1 pp | Dec 2023 −0.4 pp | Mar 2024 — | Jun 2024 −1.9 pp | Sep 2024 −1.9 pp | Dec 2024 −2.9 pp | Mar 2025 +1.7 pp | Jun 2025 +0.4 pp | Sep 2025 −0.6 pp | Dec 2025 +1.8 pp | Mar 2026 −0.4 pp | Jun 2026 — - EXTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.5 pp | Sep 2022 −1.1 pp | Dec 2022 +1.0 pp | Mar 2023 +2.8 pp | Jun 2023 +6.6 pp | Sep 2023 +4.4 pp | Dec 2023 −3.9 pp | Mar 2024 −38.5 pp | Jun 2024 −29.5 pp | Sep 2024 −12.0 pp | Dec 2024 +1.0 pp | Mar 2025 +33.2 pp | Jun 2025 +18.7 pp | Sep 2025 +5.4 pp | Dec 2025 −0.4 pp | Mar 2026 +1.9 pp | Jun 2026 — - TSAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.4 pp | Sep 2022 +1.1 pp | Dec 2022 −53.4 pp | Mar 2023 +7.3 pp | Jun 2023 +194.3 pp | Sep 2023 +2.2 pp | Dec 2023 +5.0 pp | Mar 2024 −0.3 pp | Jun 2024 −194.4 pp | Sep 2024 −1.2 pp | Dec 2024 −10.8 pp | Mar 2025 −19.8 pp | Jun 2025 −23.4 pp | Sep 2025 −35.5 pp | Dec 2025 −23.9 pp | Mar 2026 −21.7 pp | Jun 2026 — - VISN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.5 pp | Sep 2022 +5.5 pp | Dec 2022 −43.1 pp | Mar 2023 +9.8 pp | Jun 2023 +3.5 pp | Sep 2023 −45.3 pp | Dec 2023 +28.3 pp | Mar 2024 −17.1 pp | Jun 2024 +2.5 pp | Sep 2024 +48.2 pp | Dec 2024 +1.6 pp | Mar 2025 +1.9 pp | Jun 2025 +8.3 pp | Sep 2025 +9.1 pp | Dec 2025 +10.9 pp | Mar 2026 +9.2 pp | Jun 2026 — - DGII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.5 pp | Sep 2022 +11.8 pp | Dec 2022 +6.4 pp | Mar 2023 +3.0 pp | Jun 2023 +1.5 pp | Sep 2023 −4.0 pp | Dec 2023 +0.5 pp | Mar 2024 −3.4 pp | Jun 2024 +1.2 pp | Sep 2024 +2.2 pp | Dec 2024 +1.5 pp | Mar 2025 +5.5 pp | Jun 2025 +1.6 pp | Sep 2025 −1.7 pp | Dec 2025 +0.4 pp | Mar 2026 0.0 pp | Jun 2026 — - HLIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.7 pp | Dec 2022 +5.7 pp | Mar 2023 — | Jun 2023 +4.7 pp | Sep 2023 −16.4 pp | Dec 2023 −4.2 pp | Mar 2024 −14.9 pp | Jun 2024 −17.7 pp | Sep 2024 +24.9 pp | Dec 2024 +18.0 pp | Mar 2025 +16.1 pp | Jun 2025 +14.1 pp | Sep 2025 −11.2 pp | Dec 2025 −5.4 pp | Mar 2026 — | Jun 2026 +14.0 pp - GILT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.5 pp | Sep 2022 +4.1 pp | Dec 2022 +0.4 pp | Mar 2023 +13.9 pp | Jun 2023 +5.4 pp | Sep 2023 +14.2 pp | Dec 2023 −4.6 pp | Mar 2024 −4.8 pp | Jun 2024 −4.5 pp | Sep 2024 −10.9 pp | Dec 2024 +12.5 pp | Mar 2025 −10.1 pp | Jun 2025 +1.8 pp | Sep 2025 −2.6 pp | Dec 2025 −6.8 pp | Mar 2026 +7.0 pp | Jun 2026 — - FEIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −59.0 pp | Sep 2022 −24.9 pp | Dec 2022 −27.8 pp | Mar 2023 +9.0 pp | Jun 2023 +61.4 pp | Sep 2023 +54.5 pp | Dec 2023 +32.4 pp | Mar 2024 −6.5 pp | Jun 2024 +13.0 pp | Sep 2024 −0.9 pp | Dec 2024 +9.6 pp | Mar 2025 +21.7 pp | Jun 2025 +0.4 pp | Sep 2025 −13.1 pp | Dec 2025 −6.5 pp | Mar 2026 −10.8 pp | Jun 2026 — - ADTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.0 pp | Sep 2022 −6.8 pp | Dec 2022 −4.5 pp | Mar 2023 −15.4 pp | Jun 2023 −18.3 pp | Sep 2023 −18.7 pp | Dec 2023 −8.5 pp | Mar 2024 −137.7 pp | Jun 2024 −3.4 pp | Sep 2024 +21.3 pp | Dec 2024 +10.8 pp | Mar 2025 +151.5 pp | Jun 2025 +12.0 pp | Sep 2025 +10.5 pp | Dec 2025 +8.4 pp | Mar 2026 +3.8 pp | Jun 2026 — - NTGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −34.8 pp | Sep 2022 — | Dec 2022 −5.4 pp | Mar 2023 — | Jun 2023 +21.2 pp | Sep 2023 −5.8 pp | Dec 2023 +0.6 pp | Mar 2024 — | Jun 2024 −26.0 pp | Sep 2024 +62.7 pp | Dec 2024 −8.0 pp | Mar 2025 +5.3 pp | Jun 2025 +27.0 pp | Sep 2025 −56.2 pp | Dec 2025 +5.7 pp | Mar 2026 −0.7 pp | Jun 2026 — - CLFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.4 pp | Sep 2022 +2.7 pp | Dec 2022 −4.7 pp | Mar 2023 −5.5 pp | Jun 2023 −14.1 pp | Sep 2023 −19.9 pp | Dec 2023 −44.6 pp | Mar 2024 −43.2 pp | Jun 2024 −13.9 pp | Sep 2024 −9.9 pp | Dec 2024 +16.9 pp | Mar 2025 +30.5 pp | Jun 2025 +7.7 pp | Sep 2025 +31.0 pp | Dec 2025 +1.6 pp | Mar 2026 −10.1 pp | Jun 2026 — - BKTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −28.6 pp | Sep 2022 −17.2 pp | Dec 2022 −9.5 pp | Mar 2023 +47.0 pp | Jun 2023 +26.3 pp | Sep 2023 +23.1 pp | Dec 2023 +10.2 pp | Mar 2024 +10.7 pp | Jun 2024 +14.1 pp | Sep 2024 +9.9 pp | Dec 2024 +9.8 pp | Mar 2025 +9.9 pp | Jun 2025 +8.9 pp | Sep 2025 +6.9 pp | Dec 2025 +7.4 pp | Mar 2026 +0.1 pp | Jun 2026 — - AVNW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 +0.3 pp | Mar 2023 — | Jun 2023 −2.9 pp | Sep 2023 −1.2 pp | Dec 2023 −6.0 pp | Mar 2024 −3.9 pp | Jun 2024 −2.4 pp | Sep 2024 −23.2 pp | Dec 2024 +3.1 pp | Mar 2025 +3.2 pp | Jun 2025 +3.0 pp | Sep 2025 +22.4 pp | Dec 2025 −0.2 pp | Mar 2026 −7.4 pp | Jun 2026 — - LTRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.3 pp | Sep 2022 +2.1 pp | Dec 2022 −1.5 pp | Mar 2023 −1.0 pp | Jun 2023 −3.8 pp | Sep 2023 −0.5 pp | Dec 2023 +2.0 pp | Mar 2024 +7.2 pp | Jun 2024 +3.4 pp | Sep 2024 −1.4 pp | Dec 2024 −2.2 pp | Mar 2025 −12.4 pp | Jun 2025 −12.1 pp | Sep 2025 +1.1 pp | Dec 2025 +3.3 pp | Mar 2026 +8.9 pp | Jun 2026 — - SILC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.2 pp | Sep 2022 +5.7 pp | Dec 2022 +3.6 pp | Mar 2023 +3.3 pp | Jun 2023 −1.6 pp | Sep 2023 −12.9 pp | Dec 2023 −216.5 pp | Mar 2024 −35.0 pp | Jun 2024 −32.0 pp | Sep 2024 −24.3 pp | Dec 2024 +176.2 pp | Mar 2025 +1.8 pp | Jun 2025 +0.5 pp | Sep 2025 +1.4 pp | Dec 2025 +8.1 pp | Mar 2026 +7.6 pp | Jun 2026 — - AUDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.1 pp | Sep 2022 −5.7 pp | Dec 2022 −2.2 pp | Mar 2023 −13.5 pp | Jun 2023 −7.8 pp | Sep 2023 −0.7 pp | Dec 2023 −0.4 pp | Mar 2024 +6.9 pp | Jun 2024 +4.4 pp | Sep 2024 −1.3 pp | Dec 2024 −4.7 pp | Mar 2025 +0.5 pp | Jun 2025 −3.9 pp | Sep 2025 −1.5 pp | Dec 2025 −0.7 pp | Mar 2026 −0.6 pp | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: Cisco Systems, Inc. leads with $11,958 million of TTM profit, 668.5% above Hewlett Packard Enterprise Company. Ciena Corporation shows ≥100% on the scoring scale (316.2% uncapped) growth from a $437 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Cisco Systems, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Cisco Systems, Inc. · $11,958 million | 668.5% versus #2 · Hewlett Packard Enterprise Company | 5/8 recent comparable periods | 23/29 companies · 541 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. Cisco Systems, Inc. (CSCO): ₹12.0K Cr 2. Hewlett Packard Enterprise Company (HPE): ₹1.6K Cr 3. Ubiquiti Inc. (UI): ₹943 Cr 4. Lumentum Holdings Inc. (LITE): ₹439 Cr 5. Ciena Corporation (CIEN): ₹437 Cr ### Profit growth — fastest growers 1. Ciena Corporation (CIEN): 100% 2. Clearfield, Inc. (CLFD): 100% 3. Vistance Networks, Inc. (VISN): 90% 4. Ubiquiti Inc. (UI): 72% 5. BK Technologies Corporation (BKTI): 40% ### 20-quarter Net profit history - CSCO: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 ₹3.4K Cr - MSI: Sep 2021 ₹294 Cr | Dec 2021 ₹308 Cr | Mar 2022 — | Jun 2022 ₹268 Cr | Sep 2022 ₹229 Cr | Dec 2022 ₹280 Cr | Mar 2023 — | Jun 2023 ₹279 Cr | Sep 2023 ₹373 Cr | Dec 2023 ₹597 Cr | Mar 2024 ₹-38 Cr | Jun 2024 ₹445 Cr | Sep 2024 ₹563 Cr | Dec 2024 ₹612 Cr | Mar 2025 ₹432 Cr | Jun 2025 ₹515 Cr | Sep 2025 ₹564 Cr | Dec 2025 ₹650 Cr | Mar 2026 — | Jun 2026 ₹368 Cr - HPE: Sep 2021 ₹392 Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹513 Cr | Jun 2022 ₹250 Cr | Sep 2022 ₹409 Cr | Dec 2022 ₹-304 Cr | Mar 2023 ₹501 Cr | Jun 2023 ₹418 Cr | Sep 2023 ₹464 Cr | Dec 2023 ₹549 Cr | Mar 2024 ₹387 Cr | Jun 2024 ₹314 Cr | Sep 2024 ₹512 Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹627 Cr | Jun 2025 ₹-1.1K Cr | Sep 2025 ₹305 Cr | Dec 2025 ₹175 Cr | Mar 2026 ₹452 Cr | Jun 2026 ₹624 Cr - LITE: Sep 2021 ₹22 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 ₹-39 Cr | Sep 2023 ₹-60 Cr | Dec 2023 ₹-99 Cr | Mar 2024 ₹-127 Cr | Jun 2024 ₹-253 Cr | Sep 2024 ₹-82 Cr | Dec 2024 ₹-61 Cr | Mar 2025 ₹-44 Cr | Jun 2025 ₹213 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹144 Cr | Jun 2026 — - CIEN: Sep 2021 ₹238 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹150 Cr | Jun 2026 ₹218 Cr - NOK: Sep 2021 ₹350 Cr | Dec 2021 ₹682 Cr | Mar 2022 ₹177 Cr | Jun 2022 ₹467 Cr | Sep 2022 ₹417 Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹290 Cr | Jun 2023 ₹287 Cr | Sep 2023 ₹130 Cr | Dec 2023 ₹-51 Cr | Mar 2024 ₹451 Cr | Jun 2024 ₹370 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹746 Cr | Mar 2025 ₹-60 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹534 Cr | Mar 2026 ₹87 Cr | Jun 2026 — - UI: Sep 2021 ₹132 Cr | Dec 2021 ₹104 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹104 Cr | Sep 2024 ₹128 Cr | Dec 2024 ₹137 Cr | Mar 2025 ₹180 Cr | Jun 2025 ₹267 Cr | Sep 2025 ₹208 Cr | Dec 2025 ₹234 Cr | Mar 2026 ₹234 Cr | Jun 2026 — - ASTS: Sep 2021 ₹17 Cr | Dec 2021 ₹-13 Cr | Mar 2022 ₹-38 Cr | Jun 2022 ₹-8 Cr | Sep 2022 ₹-32 Cr | Dec 2022 ₹-25 Cr | Mar 2023 ₹-45 Cr | Jun 2023 ₹-50 Cr | Sep 2023 ₹-51 Cr | Dec 2023 ₹-77 Cr | Mar 2024 ₹-40 Cr | Jun 2024 ₹-131 Cr | Sep 2024 ₹-303 Cr | Dec 2024 ₹-52 Cr | Mar 2025 ₹-64 Cr | Jun 2025 ₹-136 Cr | Sep 2025 ₹-164 Cr | Dec 2025 ₹-98 Cr | Mar 2026 ₹-250 Cr | Jun 2026 — - ZBRA: Sep 2021 ₹219 Cr | Dec 2021 ₹199 Cr | Mar 2022 — | Jun 2022 ₹205 Cr | Sep 2022 ₹-98 Cr | Dec 2022 ₹170 Cr | Mar 2023 — | Jun 2023 ₹150 Cr | Sep 2023 ₹144 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹115 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹163 Cr | Mar 2025 ₹136 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹101 Cr | Dec 2025 ₹70 Cr | Mar 2026 — | Jun 2026 ₹135 Cr - VSAT: Sep 2021 ₹5 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-22 Cr | Jun 2022 ₹-21 Cr | Sep 2022 ₹-48 Cr | Dec 2022 ₹-40 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹-77 Cr | Sep 2023 ₹-766 Cr | Dec 2023 ₹-119 Cr | Mar 2024 ₹-96 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹-122 Cr | Dec 2024 ₹-147 Cr | Mar 2025 ₹-241 Cr | Jun 2025 ₹-48 Cr | Sep 2025 ₹-52 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹66 Cr | Jun 2026 — - AAOI: Sep 2021 ₹-16 Cr | Dec 2021 ₹-15 Cr | Mar 2022 ₹-16 Cr | Jun 2022 ₹-14 Cr | Sep 2022 ₹-16 Cr | Dec 2022 ₹-20 Cr | Mar 2023 ₹-16 Cr | Jun 2023 ₹-17 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-14 Cr | Mar 2024 ₹-23 Cr | Jun 2024 ₹-26 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-120 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-18 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹-14 Cr | Jun 2026 — - VIAV: Sep 2021 ₹3 Cr | Dec 2021 ₹-55 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹33 Cr | Mar 2023 — | Jun 2023 ₹-15 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹-25 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹-21 Cr | Dec 2025 ₹-48 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - ONDS: Sep 2021 ₹-5 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-10 Cr | Jun 2022 ₹-11 Cr | Sep 2022 ₹-14 Cr | Dec 2022 ₹-38 Cr | Mar 2023 ₹-14 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-14 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-10 Cr | Mar 2025 ₹-14 Cr | Jun 2025 ₹-11 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹-101 Cr | Mar 2026 ₹361 Cr | Jun 2026 — - BDC: Sep 2021 ₹45 Cr | Dec 2021 ₹44 Cr | Mar 2022 — | Jun 2022 ₹44 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹104 Cr | Mar 2023 — | Jun 2023 ₹63 Cr | Sep 2023 ₹69 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹51 Cr | Jun 2026 — - EXTR: Sep 2021 ₹13 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹-64 Cr | Jun 2024 ₹-54 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - TSAT: Sep 2021 ₹-52 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-59 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹140 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹-126 Cr | Mar 2025 ₹-16 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹-35 Cr | Dec 2025 ₹-126 Cr | Mar 2026 ₹-45 Cr | Jun 2026 — - VISN: Sep 2021 ₹-124 Cr | Dec 2021 ₹-122 Cr | Mar 2022 ₹-140 Cr | Jun 2022 ₹-61 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹-1.0K Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹-63 Cr | Sep 2023 ₹-534 Cr | Dec 2023 ₹-243 Cr | Mar 2024 ₹-243 Cr | Jun 2024 ₹-56 Cr | Sep 2024 ₹-97 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹341 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹-50 Cr | Mar 2026 ₹232 Cr | Jun 2026 — - DGII: Sep 2021 ₹5 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - HLIT: Sep 2021 ₹-2 Cr | Dec 2021 ₹2 Cr | Mar 2022 — | Jun 2022 ₹-2 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹-10 Cr | Mar 2026 — | Jun 2026 ₹10 Cr - GILT: Sep 2021 ₹0 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - FEIM: Sep 2021 ₹-2 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹-7 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - ADTN: Sep 2021 ₹-10 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹-45 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹-40 Cr | Jun 2023 ₹-36 Cr | Sep 2023 ₹-76 Cr | Dec 2023 ₹-110 Cr | Mar 2024 ₹-328 Cr | Jun 2024 ₹-47 Cr | Sep 2024 ₹-31 Cr | Dec 2024 ₹-44 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-18 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - NTGR: Sep 2021 — | Dec 2021 ₹10 Cr | Mar 2022 — | Jun 2022 ₹-57 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹3 Cr | Mar 2023 — | Jun 2023 ₹-10 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-85 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹-45 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-13 Cr | Jun 2026 — - CLFD: Sep 2021 ₹7 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹-1 Cr | Jun 2026 — - BKTI: Sep 2021 ₹-3 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - AVNW: Sep 2021 ₹3 Cr | Dec 2021 ₹5 Cr | Mar 2022 — | Jun 2022 ₹6 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹-2 Cr | Jun 2026 — - LTRX: Sep 2021 ₹-2 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-1 Cr | Jun 2026 — - SILC: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹-35 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-2 Cr | Jun 2026 — - AUDC: Sep 2021 ₹8 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 — ### 20-quarter Profit growth history - CSCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -6.5% | Dec 2022 -10% | Mar 2023 -6.7% | Jun 2023 5.5% | Sep 2023 41% | Dec 2023 36% | Mar 2024 -5.0% | Jun 2024 -41% | Sep 2024 -45% | Dec 2024 -25% | Mar 2025 -7.8% | Jun 2025 32% | Sep 2025 18% | Dec 2025 5.5% | Mar 2026 31% | Jun 2026 35% - MSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -22% | Dec 2022 -9.1% | Mar 2023 — | Jun 2023 4.1% | Sep 2023 63% | Dec 2023 113% | Mar 2024 — | Jun 2024 60% | Sep 2024 51% | Dec 2024 2.5% | Mar 2025 — | Jun 2025 16% | Sep 2025 0.2% | Dec 2025 6.2% | Mar 2026 — | Jun 2026 -29% - HPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.3% | Dec 2022 -112% | Mar 2023 -2.3% | Jun 2023 67% | Sep 2023 13% | Dec 2023 — | Mar 2024 -23% | Jun 2024 -25% | Sep 2024 10% | Dec 2024 149% | Mar 2025 62% | Jun 2025 -434% | Sep 2025 -40% | Dec 2025 -87% | Mar 2026 -28% | Jun 2026 — - LITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 59% | Dec 2022 -100% | Mar 2023 — | Jun 2023 -250% | Sep 2023 -271% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CIEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -95% | Dec 2022 -44% | Mar 2023 65% | Jun 2023 49% | Sep 2023 173% | Dec 2023 57% | Mar 2024 -34% | Jun 2024 -129% | Sep 2024 -53% | Dec 2024 -59% | Mar 2025 -10% | Jun 2025 — | Sep 2025 257% | Dec 2025 -49% | Mar 2026 233% | Jun 2026 2,322% - NOK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 19% | Dec 2022 362% | Mar 2023 64% | Jun 2023 -39% | Sep 2023 -69% | Dec 2023 -102% | Mar 2024 56% | Jun 2024 29% | Sep 2024 12% | Dec 2024 — | Mar 2025 -113% | Jun 2025 -78% | Sep 2025 -45% | Dec 2025 -28% | Mar 2026 — | Jun 2026 — - UI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -40% | Sep 2022 -30% | Dec 2022 7.7% | Mar 2023 98% | Jun 2023 12% | Sep 2023 -5.4% | Dec 2023 -27% | Mar 2024 -23% | Jun 2024 0.0% | Sep 2024 45% | Dec 2024 67% | Mar 2025 137% | Jun 2025 157% | Sep 2025 63% | Dec 2025 71% | Mar 2026 30% | Jun 2026 — - ASTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -288% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ZBRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -145% | Dec 2022 -15% | Mar 2023 — | Jun 2023 -27% | Sep 2023 — | Dec 2023 -90% | Mar 2024 — | Jun 2024 -25% | Sep 2024 -4.9% | Dec 2024 859% | Mar 2025 18% | Jun 2025 -0.9% | Sep 2025 -26% | Dec 2025 -57% | Mar 2026 — | Jun 2026 21% - VSAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -217% | Sep 2022 -1,060% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -108% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - VIAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 467% | Dec 2022 — | Mar 2023 — | Jun 2023 -179% | Sep 2023 -100% | Dec 2023 -67% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -18% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -633% | Mar 2026 -70% | Jun 2026 — - BDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 31% | Dec 2022 136% | Mar 2023 — | Jun 2023 43% | Sep 2023 17% | Dec 2023 -31% | Mar 2024 — | Jun 2024 -22% | Sep 2024 -22% | Dec 2024 -19% | Mar 2025 41% | Jun 2025 24% | Sep 2025 5.6% | Dec 2025 17% | Mar 2026 -1.9% | Jun 2026 — - EXTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 0.0% | Dec 2022 38% | Mar 2023 69% | Jun 2023 400% | Sep 2023 123% | Dec 2023 -78% | Mar 2024 -391% | Jun 2024 -316% | Sep 2024 -138% | Dec 2024 75% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 14% | Mar 2026 267% | Jun 2026 — - TSAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -104% | Sep 2022 — | Dec 2022 -47% | Mar 2023 -43% | Jun 2023 — | Sep 2023 — | Dec 2023 -57% | Mar 2024 -288% | Jun 2024 -75% | Sep 2024 — | Dec 2024 -1,360% | Mar 2025 — | Jun 2025 -40% | Sep 2025 -294% | Dec 2025 — | Mar 2026 — | Jun 2026 — - VISN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -2,422% | Dec 2023 — | Mar 2024 -910% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -32% | Jun 2026 — - DGII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 120% | Dec 2022 500% | Mar 2023 100% | Jun 2023 75% | Sep 2023 -45% | Dec 2023 -150% | Mar 2024 -33% | Jun 2024 43% | Sep 2024 100% | Dec 2024 — | Mar 2025 150% | Jun 2025 0.0% | Sep 2025 -17% | Dec 2025 20% | Mar 2026 10% | Jun 2026 — - HLIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 200% | Mar 2023 — | Jun 2023 — | Sep 2023 -140% | Dec 2023 1,300% | Mar 2024 -260% | Jun 2024 -750% | Sep 2024 — | Dec 2024 -55% | Mar 2025 — | Jun 2025 — | Sep 2025 -86% | Dec 2025 -126% | Mar 2026 — | Jun 2026 233% - GILT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -400% | Mar 2023 — | Jun 2023 400% | Sep 2023 650% | Dec 2023 — | Mar 2024 17% | Jun 2024 0.0% | Sep 2024 -47% | Dec 2024 — | Mar 2025 -114% | Jun 2025 -120% | Sep 2025 -38% | Dec 2025 0.0% | Mar 2026 — | Jun 2026 — - FEIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -800% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 200% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 -50% | Dec 2025 -33% | Mar 2026 -87% | Jun 2026 — - ADTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -60% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -1,900% | Sep 2023 — | Dec 2023 -414% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - NTGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -417% | Sep 2022 — | Dec 2022 -70% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -2,933% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -106% | Dec 2025 — | Mar 2026 — | Jun 2026 — - CLFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 117% | Sep 2022 143% | Dec 2022 40% | Mar 2023 11% | Jun 2023 -62% | Sep 2023 -76% | Dec 2023 -136% | Mar 2024 -160% | Jun 2024 -100% | Sep 2024 -125% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -133% | Jun 2026 — - BKTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -300% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 100% | Jun 2025 100% | Sep 2025 50% | Dec 2025 0.0% | Mar 2026 50% | Jun 2026 — - AVNW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 67% | Dec 2022 20% | Mar 2023 — | Jun 2023 -50% | Sep 2023 -20% | Dec 2023 -67% | Mar 2024 -20% | Jun 2024 -33% | Sep 2024 -400% | Dec 2024 100% | Mar 2025 0.0% | Jun 2025 150% | Sep 2025 — | Dec 2025 50% | Mar 2026 -150% | Jun 2026 — - LTRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -167% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SILC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 150% | Sep 2022 100% | Dec 2022 100% | Mar 2023 100% | Jun 2023 -20% | Sep 2023 -83% | Dec 2023 -683% | Mar 2024 -175% | Jun 2024 -150% | Sep 2024 -400% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AUDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 -38% | Dec 2022 14% | Mar 2023 -100% | Jun 2023 -86% | Sep 2023 -20% | Dec 2023 -50% | Mar 2024 — | Jun 2024 300% | Sep 2024 -25% | Dec 2024 75% | Mar 2025 100% | Jun 2025 -100% | Sep 2025 0.0% | Dec 2025 -71% | Mar 2026 -50% | Jun 2026 — ## Return On Capital Employed What the numbers say: Ubiquiti Inc. leads ROCE at 31.6%, 24.8 percentage points above BK Technologies Corporation. Ondas Inc. has the strongest latest improvement at +15.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Ubiquiti Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Ubiquiti Inc. · 31.6% | 364.7% versus #2 · BK Technologies Corporation | 7/8 recent comparable periods | 29/29 companies · 534 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Ubiquiti Inc. (UI): 32% 2. BK Technologies Corporation (BKTI): 6.8% 3. Ciena Corporation (CIEN): 5.1% 4. Lumentum Holdings Inc. (LITE): 5.1% 5. Cisco Systems, Inc. (CSCO): 4.6% ### ROCE change — fastest improvers 1. Ondas Inc. (ONDS): +15.5 pp 2. Lumentum Holdings Inc. (LITE): +6.1 pp 3. Ciena Corporation (CIEN): +4.4 pp 4. Hewlett Packard Enterprise Company (HPE): +4.4 pp 5. AST SpaceMobile, Inc. (ASTS): +3.0 pp ### 20-quarter ROCE history - CSCO: Sep 2021 — | Dec 2021 4.9% | Mar 2022 5.1% | Jun 2022 5.2% | Sep 2022 4.9% | Dec 2022 5.0% | Mar 2023 4.8% | Jun 2023 5.7% | Sep 2023 6.1% | Dec 2023 6.1% | Mar 2024 4.5% | Jun 2024 2.9% | Sep 2024 3.4% | Dec 2024 3.1% | Mar 2025 4.1% | Jun 2025 3.8% | Sep 2025 3.6% | Dec 2025 4.0% | Mar 2026 4.5% | Jun 2026 4.6% - MSI: Sep 2021 — | Dec 2021 6.0% | Mar 2022 — | Jun 2022 3.2% | Sep 2022 4.5% | Dec 2022 4.7% | Mar 2023 — | Jun 2023 4.9% | Sep 2023 6.3% | Dec 2023 9.3% | Mar 2024 6.1% | Jun 2024 7.5% | Sep 2024 8.7% | Dec 2024 9.5% | Mar 2025 6.4% | Jun 2025 6.7% | Sep 2025 6.9% | Dec 2025 8.3% | Mar 2026 — | Jun 2026 4.6% - HPE: Sep 2021 — | Dec 2021 1.0% | Mar 2022 1.2% | Jun 2022 0.6% | Sep 2022 1.3% | Dec 2022 1.6% | Mar 2023 1.7% | Jun 2023 1.5% | Sep 2023 1.3% | Dec 2023 1.5% | Mar 2024 1.5% | Jun 2024 1.2% | Sep 2024 1.5% | Dec 2024 1.7% | Mar 2025 1.1% | Jun 2025 -2.8% | Sep 2025 0.6% | Dec 2025 0.5% | Mar 2026 1.0% | Jun 2026 1.6% - LITE: Sep 2021 — | Dec 2021 3.9% | Mar 2022 2.9% | Jun 2022 1.4% | Sep 2022 1.7% | Dec 2022 0.4% | Mar 2023 — | Jun 2023 -1.5% | Sep 2023 -1.5% | Dec 2023 -2.8% | Mar 2024 -3.1% | Jun 2024 -3.5% | Sep 2024 -2.2% | Dec 2024 -1.4% | Mar 2025 -1.0% | Jun 2025 -0.2% | Sep 2025 0.2% | Dec 2025 2.8% | Mar 2026 5.1% | Jun 2026 — - CIEN: Sep 2021 — | Dec 2021 3.7% | Mar 2022 1.6% | Jun 2022 1.5% | Sep 2022 0.7% | Dec 2022 1.9% | Mar 2023 1.9% | Jun 2023 2.3% | Sep 2023 1.8% | Dec 2023 2.1% | Mar 2024 1.8% | Jun 2024 -0.1% | Sep 2024 0.6% | Dec 2024 1.3% | Mar 2025 1.7% | Jun 2025 0.7% | Sep 2025 1.6% | Dec 2025 0.2% | Mar 2026 4.1% | Jun 2026 5.1% - NOK: Sep 2021 1.8% | Dec 2021 2.8% | Mar 2022 1.3% | Jun 2022 2.1% | Sep 2022 1.8% | Dec 2022 3.0% | Mar 2023 1.5% | Jun 2023 1.6% | Sep 2023 0.8% | Dec 2023 1.8% | Mar 2024 1.4% | Jun 2024 1.5% | Sep 2024 1.0% | Dec 2024 3.0% | Mar 2025 -0.1% | Jun 2025 0.5% | Sep 2025 0.9% | Dec 2025 2.0% | Mar 2026 0.2% | Jun 2026 -0.2% - UI: Sep 2021 28% | Dec 2021 21% | Mar 2022 11% | Jun 2022 20% | Sep 2022 20% | Dec 2022 21% | Mar 2023 17% | Jun 2023 18% | Sep 2023 16% | Dec 2023 13% | Mar 2024 11% | Jun 2024 14% | Sep 2024 18% | Dec 2024 20% | Mar 2025 31% | Jun 2025 32% | Sep 2025 31% | Dec 2025 31% | Mar 2026 32% | Jun 2026 — - ASTS: Sep 2021 -6.7% | Dec 2021 -11% | Mar 2022 -9.6% | Jun 2022 -7.3% | Sep 2022 -10% | Dec 2022 -10% | Mar 2023 -12% | Jun 2023 -16% | Sep 2023 -16% | Dec 2023 -17% | Mar 2024 -13% | Jun 2024 -14% | Sep 2024 -12% | Dec 2024 -9.8% | Mar 2025 -7.2% | Jun 2025 -6.3% | Sep 2025 -5.1% | Dec 2025 -1.5% | Mar 2026 -4.2% | Jun 2026 — - ZBRA: Sep 2021 — | Dec 2021 6.1% | Mar 2022 — | Jun 2022 5.2% | Sep 2022 -3.1% | Dec 2022 4.2% | Mar 2023 — | Jun 2023 4.6% | Sep 2023 3.5% | Dec 2023 1.4% | Mar 2024 2.9% | Jun 2024 2.9% | Sep 2024 3.2% | Dec 2024 3.8% | Mar 2025 3.3% | Jun 2025 3.0% | Sep 2025 2.9% | Dec 2025 2.2% | Mar 2026 — | Jun 2026 3.3% - VSAT: Sep 2021 -0.5% | Dec 2021 -0.6% | Mar 2022 -0.9% | Jun 2022 -1.0% | Sep 2022 0.1% | Dec 2022 -0.6% | Mar 2023 -1.2% | Jun 2023 -0.4% | Sep 2023 -7.6% | Dec 2023 -0.4% | Mar 2024 0.0% | Jun 2024 0.4% | Sep 2024 -0.2% | Dec 2024 0.1% | Mar 2025 -1.1% | Jun 2025 0.3% | Sep 2025 0.3% | Dec 2025 0.2% | Mar 2026 0.0% | Jun 2026 — - AAOI: Sep 2021 -4.2% | Dec 2021 -3.8% | Mar 2022 -4.0% | Jun 2022 -3.8% | Sep 2022 -4.1% | Dec 2022 -6.0% | Mar 2023 -5.6% | Jun 2023 -6.7% | Sep 2023 -2.9% | Dec 2023 -1.6% | Mar 2024 -9.5% | Jun 2024 -12% | Sep 2024 -6.9% | Dec 2024 -1.9% | Mar 2025 -2.4% | Jun 2025 -3.8% | Sep 2025 -3.6% | Dec 2025 -1.8% | Mar 2026 -1.5% | Jun 2026 — - VIAV: Sep 2021 — | Dec 2021 2.7% | Mar 2022 2.9% | Jun 2022 2.5% | Sep 2022 3.6% | Dec 2022 3.0% | Mar 2023 — | Jun 2023 -0.1% | Sep 2023 0.8% | Dec 2023 1.5% | Mar 2024 -0.8% | Jun 2024 -0.4% | Sep 2024 0.8% | Dec 2024 1.5% | Mar 2025 0.6% | Jun 2025 1.1% | Sep 2025 0.5% | Dec 2025 0.6% | Mar 2026 1.5% | Jun 2026 — - ONDS: Sep 2021 -8.5% | Dec 2021 -11% | Mar 2022 -16% | Jun 2022 -13% | Sep 2022 -12% | Dec 2022 -37% | Mar 2023 -14% | Jun 2023 -10% | Sep 2023 -7.3% | Dec 2023 -19% | Mar 2024 -15% | Jun 2024 -17% | Sep 2024 -16% | Dec 2024 -15% | Mar 2025 -19% | Jun 2025 -11% | Sep 2025 -5.5% | Dec 2025 -4.4% | Mar 2026 -3.6% | Jun 2026 — - BDC: Sep 2021 — | Dec 2021 2.8% | Mar 2022 — | Jun 2022 2.9% | Sep 2022 3.2% | Dec 2022 5.1% | Mar 2023 — | Jun 2023 3.5% | Sep 2023 3.7% | Dec 2023 3.8% | Mar 2024 2.1% | Jun 2024 2.6% | Sep 2024 2.8% | Dec 2024 2.6% | Mar 2025 2.7% | Jun 2025 2.9% | Sep 2025 2.7% | Dec 2025 3.2% | Mar 2026 2.8% | Jun 2026 3.5% - EXTR: Sep 2021 3.4% | Dec 2021 3.4% | Mar 2022 3.1% | Jun 2022 1.9% | Sep 2022 3.1% | Dec 2022 4.3% | Mar 2023 5.3% | Jun 2023 6.7% | Sep 2023 6.3% | Dec 2023 1.8% | Mar 2024 -11% | Jun 2024 -9.0% | Sep 2024 -0.9% | Dec 2024 2.2% | Mar 2025 1.9% | Jun 2025 -0.3% | Sep 2025 2.0% | Dec 2025 2.3% | Mar 2026 3.0% | Jun 2026 — - TSAT: Sep 2021 1.3% | Dec 2021 2.9% | Mar 2022 2.2% | Jun 2022 2.5% | Sep 2022 1.2% | Dec 2022 1.2% | Mar 2023 1.3% | Jun 2023 6.7% | Sep 2023 1.2% | Dec 2023 -0.2% | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 1.0% | Dec 2024 -3.5% | Mar 2025 0.5% | Jun 2025 0.3% | Sep 2025 0.1% | Dec 2025 -7.2% | Mar 2026 -1.6% | Jun 2026 — - VISN: Sep 2021 0.2% | Dec 2021 0.3% | Mar 2022 0.2% | Jun 2022 0.6% | Sep 2022 1.4% | Dec 2022 -9.3% | Mar 2023 1.8% | Jun 2023 1.0% | Sep 2023 -4.2% | Dec 2023 -1.4% | Mar 2024 -0.6% | Jun 2024 1.2% | Sep 2024 1.4% | Dec 2024 -0.6% | Mar 2025 -0.2% | Jun 2025 3.6% | Sep 2025 4.6% | Dec 2025 0.0% | Mar 2026 0.4% | Jun 2026 — - DGII: Sep 2021 0.6% | Dec 2021 0.6% | Mar 2022 1.1% | Jun 2022 1.5% | Sep 2022 2.6% | Dec 2022 1.5% | Mar 2023 1.6% | Jun 2023 1.6% | Sep 2023 1.8% | Dec 2023 1.6% | Mar 2024 1.1% | Jun 2024 1.7% | Sep 2024 2.0% | Dec 2024 1.8% | Mar 2025 1.9% | Jun 2025 2.1% | Sep 2025 1.9% | Dec 2025 2.2% | Mar 2026 2.2% | Jun 2026 — - HLIT: Sep 2021 — | Dec 2021 1.3% | Mar 2022 — | Jun 2022 0.6% | Sep 2022 3.2% | Dec 2022 3.8% | Mar 2023 2.6% | Jun 2023 2.3% | Sep 2023 -2.0% | Dec 2023 2.2% | Mar 2024 -2.2% | Jun 2024 -3.2% | Sep 2024 7.1% | Dec 2024 9.6% | Mar 2025 1.3% | Jun 2025 0.7% | Sep 2025 1.6% | Dec 2025 -1.7% | Mar 2026 — | Jun 2026 3.7% - GILT: Sep 2021 0.3% | Dec 2021 2.1% | Mar 2022 -0.4% | Jun 2022 0.6% | Sep 2022 1.4% | Dec 2022 2.3% | Mar 2023 2.7% | Jun 2023 2.1% | Sep 2023 4.8% | Dec 2023 1.0% | Mar 2024 1.9% | Jun 2024 1.0% | Sep 2024 2.3% | Dec 2024 4.1% | Mar 2025 -0.8% | Jun 2025 1.6% | Sep 2025 1.9% | Dec 2025 3.0% | Mar 2026 0.9% | Jun 2026 — - FEIM: Sep 2021 -2.3% | Dec 2021 0.4% | Mar 2022 -1.0% | Jun 2022 -8.4% | Sep 2022 -4.8% | Dec 2022 -3.6% | Mar 2023 0.6% | Jun 2023 0.7% | Sep 2023 3.8% | Dec 2023 1.8% | Mar 2024 -1.0% | Jun 2024 5.0% | Sep 2024 5.0% | Dec 2024 5.3% | Mar 2025 6.1% | Jun 2025 5.3% | Sep 2025 0.6% | Dec 2025 2.8% | Mar 2026 1.8% | Jun 2026 -9.1% - ADTN: Sep 2021 -2.4% | Dec 2021 -1.7% | Mar 2022 0.0% | Jun 2022 2.0% | Sep 2022 -5.3% | Dec 2022 -3.4% | Mar 2023 -5.0% | Jun 2023 -4.5% | Sep 2023 -6.3% | Dec 2023 -2.7% | Mar 2024 -26% | Jun 2024 -3.0% | Sep 2024 -2.2% | Dec 2024 -1.5% | Mar 2025 -0.4% | Jun 2025 -1.4% | Sep 2025 -0.3% | Dec 2025 0.5% | Mar 2026 0.7% | Jun 2026 — - NTGR: Sep 2021 — | Dec 2021 1.8% | Mar 2022 — | Jun 2022 -8.0% | Sep 2022 -1.4% | Dec 2022 -0.3% | Mar 2023 — | Jun 2023 -1.8% | Sep 2023 -2.7% | Dec 2023 -0.1% | Mar 2024 -3.5% | Jun 2024 -8.1% | Sep 2024 16% | Dec 2024 -2.6% | Mar 2025 -2.3% | Jun 2025 -1.8% | Sep 2025 -1.2% | Dec 2025 -0.8% | Mar 2026 -2.4% | Jun 2026 — - CLFD: Sep 2021 9.8% | Dec 2021 13% | Mar 2022 11% | Jun 2022 14% | Sep 2022 16% | Dec 2022 8.5% | Mar 2023 5.3% | Jun 2023 2.4% | Sep 2023 0.7% | Dec 2023 -2.6% | Mar 2024 -3.2% | Jun 2024 -0.8% | Sep 2024 -1.0% | Dec 2024 -0.7% | Mar 2025 0.6% | Jun 2025 0.5% | Sep 2025 1.5% | Dec 2025 -0.7% | Mar 2026 -0.8% | Jun 2026 — - BKTI: Sep 2021 -1.1% | Dec 2021 0.7% | Mar 2022 -11% | Jun 2022 -11% | Sep 2022 -7.3% | Dec 2022 -4.9% | Mar 2023 -3.3% | Jun 2023 -2.9% | Sep 2023 2.3% | Dec 2023 1.5% | Mar 2024 3.6% | Jun 2024 7.2% | Sep 2024 8.6% | Dec 2024 6.6% | Mar 2025 8.3% | Jun 2025 11% | Sep 2025 12% | Dec 2025 9.4% | Mar 2026 6.8% | Jun 2026 — - AVNW: Sep 2021 — | Dec 2021 4.6% | Mar 2022 — | Jun 2022 3.6% | Sep 2022 2.5% | Dec 2022 4.0% | Mar 2023 3.4% | Jun 2023 2.8% | Sep 2023 2.1% | Dec 2023 1.3% | Mar 2024 2.1% | Jun 2024 2.0% | Sep 2024 -5.3% | Dec 2024 2.4% | Mar 2025 2.8% | Jun 2025 2.7% | Sep 2025 1.4% | Dec 2025 2.0% | Mar 2026 0.3% | Jun 2026 — - LTRX: Sep 2021 -2.8% | Dec 2021 -2.2% | Mar 2022 -2.8% | Jun 2022 0.7% | Sep 2022 -1.5% | Dec 2022 -2.0% | Mar 2023 -2.4% | Jun 2023 -0.7% | Sep 2023 -1.5% | Dec 2023 -1.7% | Mar 2024 -0.1% | Jun 2024 0.5% | Sep 2024 -2.1% | Dec 2024 -2.1% | Mar 2025 -3.6% | Jun 2025 -3.1% | Sep 2025 -1.5% | Dec 2025 -1.1% | Mar 2026 -1.2% | Jun 2026 — - SILC: Sep 2021 2.1% | Dec 2021 2.6% | Mar 2022 1.4% | Jun 2022 2.4% | Sep 2022 3.6% | Dec 2022 3.9% | Mar 2023 2.2% | Jun 2023 2.2% | Sep 2023 0.5% | Dec 2023 -22% | Mar 2024 -2.0% | Jun 2024 -1.8% | Sep 2024 -1.9% | Dec 2024 -2.5% | Mar 2025 -2.3% | Jun 2025 -2.3% | Sep 2025 -2.3% | Dec 2025 -2.2% | Mar 2026 -2.2% | Jun 2026 — - AUDC: Sep 2021 3.9% | Dec 2021 3.6% | Mar 2022 3.3% | Jun 2022 3.3% | Sep 2022 3.0% | Dec 2022 3.5% | Mar 2023 -0.4% | Jun 2023 1.0% | Sep 2023 2.5% | Dec 2023 3.0% | Mar 2024 1.4% | Jun 2024 2.1% | Sep 2024 2.0% | Dec 2024 1.6% | Mar 2025 1.5% | Jun 2025 1.0% | Sep 2025 1.6% | Dec 2025 1.5% | Mar 2026 1.4% | Jun 2026 — ### 20-quarter ROCE change history - CSCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 −0.3 pp | Jun 2023 +0.5 pp | Sep 2023 +1.2 pp | Dec 2023 +1.1 pp | Mar 2024 −0.3 pp | Jun 2024 −2.8 pp | Sep 2024 −2.7 pp | Dec 2024 −3.0 pp | Mar 2025 −0.4 pp | Jun 2025 +0.9 pp | Sep 2025 +0.2 pp | Dec 2025 +0.9 pp | Mar 2026 +0.4 pp | Jun 2026 +0.8 pp - MSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.3 pp | Mar 2023 — | Jun 2023 +1.7 pp | Sep 2023 +1.8 pp | Dec 2023 +4.6 pp | Mar 2024 — | Jun 2024 +2.6 pp | Sep 2024 +2.4 pp | Dec 2024 +0.2 pp | Mar 2025 +0.3 pp | Jun 2025 −0.8 pp | Sep 2025 −1.8 pp | Dec 2025 −1.2 pp | Mar 2026 — | Jun 2026 −2.1 pp - HPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.6 pp | Mar 2023 +0.5 pp | Jun 2023 +0.9 pp | Sep 2023 0.0 pp | Dec 2023 −0.1 pp | Mar 2024 −0.2 pp | Jun 2024 −0.3 pp | Sep 2024 +0.2 pp | Dec 2024 +0.2 pp | Mar 2025 −0.4 pp | Jun 2025 −4.0 pp | Sep 2025 −0.9 pp | Dec 2025 −1.2 pp | Mar 2026 −0.1 pp | Jun 2026 +4.4 pp - LITE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.5 pp | Mar 2023 — | Jun 2023 −2.9 pp | Sep 2023 −3.2 pp | Dec 2023 −3.2 pp | Mar 2024 — | Jun 2024 −2.0 pp | Sep 2024 −0.7 pp | Dec 2024 +1.4 pp | Mar 2025 +2.1 pp | Jun 2025 +3.3 pp | Sep 2025 +2.4 pp | Dec 2025 +4.2 pp | Mar 2026 +6.1 pp | Jun 2026 — - CIEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.8 pp | Mar 2023 +0.3 pp | Jun 2023 +0.8 pp | Sep 2023 +1.1 pp | Dec 2023 +0.2 pp | Mar 2024 −0.1 pp | Jun 2024 −2.4 pp | Sep 2024 −1.2 pp | Dec 2024 −0.8 pp | Mar 2025 −0.1 pp | Jun 2025 +0.8 pp | Sep 2025 +1.0 pp | Dec 2025 −1.1 pp | Mar 2026 +2.4 pp | Jun 2026 +4.4 pp - NOK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.2 pp | Mar 2023 +0.2 pp | Jun 2023 −0.5 pp | Sep 2023 −1.0 pp | Dec 2023 −1.2 pp | Mar 2024 −0.1 pp | Jun 2024 −0.1 pp | Sep 2024 +0.2 pp | Dec 2024 +1.2 pp | Mar 2025 −1.5 pp | Jun 2025 −1.0 pp | Sep 2025 −0.1 pp | Dec 2025 −1.0 pp | Mar 2026 +0.3 pp | Jun 2026 −0.7 pp - UI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.4 pp | Dec 2022 −0.3 pp | Mar 2023 +6.5 pp | Jun 2023 −1.5 pp | Sep 2023 −3.7 pp | Dec 2023 −7.5 pp | Mar 2024 −6.2 pp | Jun 2024 −3.7 pp | Sep 2024 +2.6 pp | Dec 2024 +6.5 pp | Mar 2025 +19.3 pp | Jun 2025 +17.8 pp | Sep 2025 +12.2 pp | Dec 2025 +11.2 pp | Mar 2026 +1.1 pp | Jun 2026 — - ASTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.3 pp | Dec 2022 +1.0 pp | Mar 2023 −2.1 pp | Jun 2023 −8.4 pp | Sep 2023 −5.9 pp | Dec 2023 −6.6 pp | Mar 2024 −1.6 pp | Jun 2024 +1.8 pp | Sep 2024 +4.0 pp | Dec 2024 +7.0 pp | Mar 2025 +6.1 pp | Jun 2025 +7.6 pp | Sep 2025 +6.8 pp | Dec 2025 +8.3 pp | Mar 2026 +3.0 pp | Jun 2026 — - ZBRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.9 pp | Mar 2023 — | Jun 2023 −0.6 pp | Sep 2023 +6.6 pp | Dec 2023 −2.8 pp | Mar 2024 — | Jun 2024 −1.7 pp | Sep 2024 −0.3 pp | Dec 2024 +2.4 pp | Mar 2025 +0.4 pp | Jun 2025 +0.1 pp | Sep 2025 −0.3 pp | Dec 2025 −1.6 pp | Mar 2026 — | Jun 2026 +0.3 pp - VSAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 0.0 pp | Mar 2023 −0.3 pp | Jun 2023 +0.6 pp | Sep 2023 −7.7 pp | Dec 2023 +0.2 pp | Mar 2024 +1.2 pp | Jun 2024 +0.8 pp | Sep 2024 +7.4 pp | Dec 2024 +0.5 pp | Mar 2025 −1.1 pp | Jun 2025 −0.1 pp | Sep 2025 +0.5 pp | Dec 2025 +0.1 pp | Mar 2026 +1.1 pp | Jun 2026 — - AAOI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −2.2 pp | Mar 2023 −1.6 pp | Jun 2023 −2.9 pp | Sep 2023 +1.2 pp | Dec 2023 +4.4 pp | Mar 2024 −3.9 pp | Jun 2024 −5.3 pp | Sep 2024 −4.0 pp | Dec 2024 −0.3 pp | Mar 2025 +7.1 pp | Jun 2025 +8.2 pp | Sep 2025 +3.3 pp | Dec 2025 +0.1 pp | Mar 2026 +0.9 pp | Jun 2026 — - VIAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.3 pp | Mar 2023 — | Jun 2023 −2.6 pp | Sep 2023 −2.8 pp | Dec 2023 −1.5 pp | Mar 2024 — | Jun 2024 −0.3 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.4 pp | Jun 2025 +1.5 pp | Sep 2025 −0.3 pp | Dec 2025 −0.9 pp | Mar 2026 +0.9 pp | Jun 2026 — - ONDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.5 pp | Dec 2022 −25.8 pp | Mar 2023 +1.9 pp | Jun 2023 +3.1 pp | Sep 2023 +4.7 pp | Dec 2023 +17.5 pp | Mar 2024 −0.5 pp | Jun 2024 −6.3 pp | Sep 2024 −9.0 pp | Dec 2024 +4.4 pp | Mar 2025 −4.2 pp | Jun 2025 +5.4 pp | Sep 2025 +10.8 pp | Dec 2025 +10.4 pp | Mar 2026 +15.5 pp | Jun 2026 — - BDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +2.3 pp | Mar 2023 — | Jun 2023 +0.6 pp | Sep 2023 +0.5 pp | Dec 2023 −1.3 pp | Mar 2024 — | Jun 2024 −0.9 pp | Sep 2024 −0.9 pp | Dec 2024 −1.2 pp | Mar 2025 +0.6 pp | Jun 2025 +0.3 pp | Sep 2025 −0.1 pp | Dec 2025 +0.6 pp | Mar 2026 +0.1 pp | Jun 2026 +0.6 pp - EXTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 +0.9 pp | Mar 2023 +2.2 pp | Jun 2023 +4.8 pp | Sep 2023 +3.2 pp | Dec 2023 −2.5 pp | Mar 2024 −16.7 pp | Jun 2024 −15.7 pp | Sep 2024 −7.2 pp | Dec 2024 +0.4 pp | Mar 2025 +13.3 pp | Jun 2025 +8.7 pp | Sep 2025 +2.9 pp | Dec 2025 +0.1 pp | Mar 2026 +1.1 pp | Jun 2026 — - TSAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −1.7 pp | Mar 2023 −0.9 pp | Jun 2023 +4.2 pp | Sep 2023 0.0 pp | Dec 2023 −1.4 pp | Mar 2024 −0.3 pp | Jun 2024 −5.7 pp | Sep 2024 −0.2 pp | Dec 2024 −3.3 pp | Mar 2025 −0.5 pp | Jun 2025 −0.7 pp | Sep 2025 −0.9 pp | Dec 2025 −3.7 pp | Mar 2026 −2.1 pp | Jun 2026 — - VISN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 −9.6 pp | Mar 2023 +1.6 pp | Jun 2023 +0.4 pp | Sep 2023 −5.6 pp | Dec 2023 +7.9 pp | Mar 2024 −2.4 pp | Jun 2024 +0.2 pp | Sep 2024 +5.6 pp | Dec 2024 +0.8 pp | Mar 2025 +0.4 pp | Jun 2025 +2.4 pp | Sep 2025 +3.2 pp | Dec 2025 +0.6 pp | Mar 2026 +0.6 pp | Jun 2026 — - DGII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +0.9 pp | Mar 2023 +0.5 pp | Jun 2023 +0.1 pp | Sep 2023 −0.8 pp | Dec 2023 +0.1 pp | Mar 2024 −0.5 pp | Jun 2024 +0.1 pp | Sep 2024 +0.2 pp | Dec 2024 +0.2 pp | Mar 2025 +0.8 pp | Jun 2025 +0.4 pp | Sep 2025 −0.1 pp | Dec 2025 +0.4 pp | Mar 2026 +0.3 pp | Jun 2026 — - HLIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +2.5 pp | Mar 2023 — | Jun 2023 +1.7 pp | Sep 2023 −5.2 pp | Dec 2023 −1.6 pp | Mar 2024 −4.8 pp | Jun 2024 −5.5 pp | Sep 2024 +9.1 pp | Dec 2024 +7.4 pp | Mar 2025 +3.5 pp | Jun 2025 +3.9 pp | Sep 2025 −5.5 pp | Dec 2025 −11.3 pp | Mar 2026 — | Jun 2026 +3.0 pp - GILT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +0.2 pp | Mar 2023 +3.1 pp | Jun 2023 +1.5 pp | Sep 2023 +3.4 pp | Dec 2023 −1.3 pp | Mar 2024 −0.8 pp | Jun 2024 −1.1 pp | Sep 2024 −2.5 pp | Dec 2024 +3.1 pp | Mar 2025 −2.7 pp | Jun 2025 +0.6 pp | Sep 2025 −0.4 pp | Dec 2025 −1.1 pp | Mar 2026 +1.7 pp | Jun 2026 — - FEIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 −4.0 pp | Mar 2023 +1.6 pp | Jun 2023 +9.1 pp | Sep 2023 +8.6 pp | Dec 2023 +5.4 pp | Mar 2024 −1.6 pp | Jun 2024 +4.3 pp | Sep 2024 +1.2 pp | Dec 2024 +3.5 pp | Mar 2025 +7.1 pp | Jun 2025 +0.3 pp | Sep 2025 −4.4 pp | Dec 2025 −2.5 pp | Mar 2026 −4.3 pp | Jun 2026 −14.4 pp - ADTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.9 pp | Dec 2022 −1.7 pp | Mar 2023 −5.0 pp | Jun 2023 −6.5 pp | Sep 2023 −1.0 pp | Dec 2023 +0.7 pp | Mar 2024 −21.2 pp | Jun 2024 +1.5 pp | Sep 2024 +4.1 pp | Dec 2024 +1.2 pp | Mar 2025 +25.8 pp | Jun 2025 +1.6 pp | Sep 2025 +1.9 pp | Dec 2025 +2.0 pp | Mar 2026 +1.1 pp | Jun 2026 — - NTGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.1 pp | Mar 2023 — | Jun 2023 +6.2 pp | Sep 2023 −1.3 pp | Dec 2023 +0.2 pp | Mar 2024 — | Jun 2024 −6.3 pp | Sep 2024 +19.0 pp | Dec 2024 −2.5 pp | Mar 2025 +1.2 pp | Jun 2025 +6.3 pp | Sep 2025 −17.5 pp | Dec 2025 +1.8 pp | Mar 2026 −0.1 pp | Jun 2026 — - CLFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.9 pp | Dec 2022 −4.3 pp | Mar 2023 −5.2 pp | Jun 2023 −11.1 pp | Sep 2023 −15.0 pp | Dec 2023 −11.1 pp | Mar 2024 −8.5 pp | Jun 2024 −3.2 pp | Sep 2024 −1.7 pp | Dec 2024 +1.9 pp | Mar 2025 +3.8 pp | Jun 2025 +1.3 pp | Sep 2025 +2.5 pp | Dec 2025 0.0 pp | Mar 2026 −1.4 pp | Jun 2026 — - BKTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.2 pp | Dec 2022 −5.6 pp | Mar 2023 +8.0 pp | Jun 2023 +7.7 pp | Sep 2023 +9.6 pp | Dec 2023 +6.4 pp | Mar 2024 +6.9 pp | Jun 2024 +10.1 pp | Sep 2024 +6.3 pp | Dec 2024 +5.1 pp | Mar 2025 +4.7 pp | Jun 2025 +3.3 pp | Sep 2025 +3.0 pp | Dec 2025 +2.8 pp | Mar 2026 −1.5 pp | Jun 2026 — - AVNW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.6 pp | Mar 2023 — | Jun 2023 −0.8 pp | Sep 2023 −0.4 pp | Dec 2023 −2.7 pp | Mar 2024 −1.3 pp | Jun 2024 −0.8 pp | Sep 2024 −7.4 pp | Dec 2024 +1.1 pp | Mar 2025 +0.7 pp | Jun 2025 +0.7 pp | Sep 2025 +6.7 pp | Dec 2025 −0.4 pp | Mar 2026 −2.5 pp | Jun 2026 — - LTRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +0.2 pp | Mar 2023 +0.4 pp | Jun 2023 −1.4 pp | Sep 2023 0.0 pp | Dec 2023 +0.3 pp | Mar 2024 +2.3 pp | Jun 2024 +1.2 pp | Sep 2024 −0.6 pp | Dec 2024 −0.4 pp | Mar 2025 −3.5 pp | Jun 2025 −3.6 pp | Sep 2025 +0.6 pp | Dec 2025 +1.0 pp | Mar 2026 +2.4 pp | Jun 2026 — - SILC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +1.3 pp | Mar 2023 +0.8 pp | Jun 2023 −0.2 pp | Sep 2023 −3.1 pp | Dec 2023 −25.8 pp | Mar 2024 −4.2 pp | Jun 2024 −4.0 pp | Sep 2024 −2.4 pp | Dec 2024 +19.4 pp | Mar 2025 −0.3 pp | Jun 2025 −0.5 pp | Sep 2025 −0.4 pp | Dec 2025 +0.3 pp | Mar 2026 +0.1 pp | Jun 2026 — - AUDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 −0.1 pp | Mar 2023 −3.7 pp | Jun 2023 −2.3 pp | Sep 2023 −0.5 pp | Dec 2023 −0.5 pp | Mar 2024 +1.8 pp | Jun 2024 +1.1 pp | Sep 2024 −0.5 pp | Dec 2024 −1.4 pp | Mar 2025 +0.1 pp | Jun 2025 −1.1 pp | Sep 2025 −0.4 pp | Dec 2025 −0.1 pp | Mar 2026 −0.1 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: BK Technologies Corporation has the lowest comparable PEG at 0.55×, 8.3% below Ubiquiti Inc.. Only 10 of 29 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: BK Technologies Corporation · 0.55× | 8.3% versus #2 · Ubiquiti Inc. | 0/8 recent comparable periods | 10/29 companies · 41 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG 1. BK Technologies Corporation (BKTI): 0.6 2. Ubiquiti Inc. (UI): 0.6 3. Gilat Satellite Networks Ltd. (GILT): 0.8 4. Cisco Systems, Inc. (CSCO): 1.1 5. Clearfield, Inc. (CLFD): 1.2 ### P/E — lowest P/E 1. Vistance Networks, Inc. (VISN): 0.6 2. Viasat, Inc. (VSAT): 3.7 3. Telesat Corporation (TSAT): 5.3 4. Silicom Ltd. (SILC): 12.5 5. NETGEAR, Inc. (NTGR): 13.1 ### 20-quarter PEG history - CSCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.9 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 2.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.0 | Mar 2026 1.1 | Jun 2026 1.1 - MSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.6 | Sep 2025 1.0 | Dec 2025 0.8 | Mar 2026 — | Jun 2026 — - HPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 3.3 - CIEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.7 | Dec 2023 — | Mar 2024 1.3 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 4.6 | Mar 2026 — | Jun 2026 — - NOK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 6.5 | Jun 2026 — - UI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.5 | Sep 2023 1.1 | Dec 2023 3.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.3 | Mar 2025 0.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ZBRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.9 | Jun 2025 0.7 | Sep 2025 0.9 | Dec 2025 — | Mar 2026 — | Jun 2026 — - BDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.1 | Dec 2025 0.9 | Mar 2026 1.3 | Jun 2026 — - EXTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - DGII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.3 | Mar 2026 — | Jun 2026 — - HLIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - GILT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.8 | Dec 2025 — | Mar 2026 — | Jun 2026 — - CLFD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BKTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.4 | Mar 2026 0.6 | Jun 2026 — - SILC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AUDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.2 | Sep 2024 — | Dec 2024 — | Mar 2025 0.3 | Jun 2025 — | Sep 2025 1.4 | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - CSCO: Sep 2021 — | Dec 2021 20.8 | Mar 2022 19.9 | Jun 2022 17.2 | Sep 2022 16.1 | Dec 2022 16.5 | Mar 2023 17.8 | Jun 2023 17.0 | Sep 2023 17.0 | Dec 2023 15.6 | Mar 2024 15.9 | Jun 2024 16.1 | Sep 2024 18.9 | Dec 2024 23.9 | Mar 2025 27.2 | Jun 2025 23.2 | Sep 2025 26.9 | Dec 2025 28.1 | Mar 2026 26.9 | Jun 2026 29.0 - MSI: Sep 2021 — | Dec 2021 32.4 | Mar 2022 — | Jun 2022 32.7 | Sep 2022 30.3 | Dec 2022 32.9 | Mar 2023 — | Jun 2023 35.8 | Sep 2023 33.3 | Dec 2023 31.5 | Mar 2024 43.9 | Jun 2024 45.2 | Sep 2024 48.9 | Dec 2024 50.1 | Mar 2025 36.1 | Jun 2025 33.7 | Sep 2025 36.6 | Dec 2025 30.1 | Mar 2026 — | Jun 2026 35.4 - HPE: Sep 2021 — | Dec 2021 5.7 | Mar 2022 5.9 | Jun 2022 5.5 | Sep 2022 5.1 | Dec 2022 21.6 | Mar 2023 24.8 | Jun 2023 18.4 | Sep 2023 21.2 | Dec 2023 10.0 | Mar 2024 10.5 | Jun 2024 12.4 | Sep 2024 14.2 | Dec 2024 10.1 | Mar 2025 10.3 | Jun 2025 16.4 | Sep 2025 25.2 | Dec 2025 — | Mar 2026 — | Jun 2026 26.9 - LITE: Sep 2021 — | Dec 2021 16.2 | Mar 2022 21.3 | Jun 2022 38.8 | Sep 2022 29.0 | Dec 2022 43.4 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 256.1 | Sep 2025 107.9 | Dec 2025 119.9 | Mar 2026 130.1 | Jun 2026 — - CIEN: Sep 2021 — | Dec 2021 17.0 | Mar 2022 20.7 | Jun 2022 20.3 | Sep 2022 40.6 | Dec 2022 48.3 | Mar 2023 41.8 | Jun 2023 34.1 | Sep 2023 28.1 | Dec 2023 24.0 | Mar 2024 33.4 | Jun 2024 44.8 | Sep 2024 53.4 | Dec 2024 110.3 | Mar 2025 161.4 | Jun 2025 101.2 | Sep 2025 91.4 | Dec 2025 223.4 | Mar 2026 160.4 | Jun 2026 178.4 - NOK: Sep 2021 — | Dec 2021 18.9 | Mar 2022 17.6 | Jun 2022 14.7 | Sep 2022 13.6 | Dec 2022 5.9 | Mar 2023 5.9 | Jun 2023 5.2 | Sep 2023 5.2 | Dec 2023 25.8 | Mar 2024 23.4 | Jun 2024 58.8 | Sep 2024 56.1 | Dec 2024 18.5 | Mar 2025 34.8 | Jun 2025 23.1 | Sep 2025 24.1 | Dec 2025 46.0 | Mar 2026 46.3 | Jun 2026 89.5 - UI: Sep 2021 31.7 | Dec 2021 35.9 | Mar 2022 41.3 | Jun 2022 40.5 | Sep 2022 52.9 | Dec 2022 47.6 | Mar 2023 41.4 | Jun 2023 26.1 | Sep 2023 21.9 | Dec 2023 22.7 | Mar 2024 20.0 | Jun 2024 25.2 | Sep 2024 34.3 | Dec 2024 45.1 | Mar 2025 34.2 | Jun 2025 35.0 | Sep 2025 50.5 | Dec 2025 37.7 | Mar 2026 50.8 | Jun 2026 — - ZBRA: Sep 2021 — | Dec 2021 32.6 | Mar 2022 — | Jun 2022 27.3 | Sep 2022 32.5 | Dec 2022 29.9 | Mar 2023 — | Jun 2023 40.5 | Sep 2023 23.7 | Dec 2023 47.8 | Mar 2024 59.8 | Jun 2024 69.7 | Sep 2024 50.2 | Dec 2024 37.9 | Mar 2025 26.6 | Jun 2025 29.2 | Sep 2025 30.2 | Dec 2025 29.7 | Mar 2026 — | Jun 2026 24.5 - VSAT: Sep 2021 114.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.4 | Jun 2023 3.1 | Sep 2023 2.3 | Dec 2023 3.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - VIAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 187.0 | Dec 2022 30.4 | Mar 2023 — | Jun 2023 60.2 | Sep 2023 103.0 | Dec 2023 503.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 563.0 | Jun 2025 66.7 | Sep 2025 174.4 | Dec 2025 — | Mar 2026 — | Jun 2026 — - ONDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 129.1 | Jun 2026 — - BDC: Sep 2021 — | Dec 2021 20.4 | Mar 2022 — | Jun 2022 12.3 | Sep 2022 11.1 | Dec 2022 9.9 | Mar 2023 — | Jun 2023 13.6 | Sep 2023 14.3 | Dec 2023 15.7 | Mar 2024 18.1 | Jun 2024 20.0 | Sep 2024 27.0 | Dec 2024 23.5 | Mar 2025 19.5 | Jun 2025 21.1 | Sep 2025 22.0 | Dec 2025 19.7 | Mar 2026 19.0 | Jun 2026 19.4 - EXTR: Sep 2021 51.8 | Dec 2021 50.7 | Mar 2022 32.1 | Jun 2022 27.0 | Sep 2022 39.6 | Dec 2022 50.9 | Mar 2023 44.5 | Jun 2023 44.9 | Sep 2023 34.6 | Dec 2023 29.4 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 295.0 | Dec 2025 237.9 | Mar 2026 125.7 | Jun 2026 — - TSAT: Sep 2021 — | Dec 2021 18.2 | Mar 2022 8.6 | Jun 2022 12.0 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.6 | Sep 2023 1.6 | Dec 2023 1.2 | Mar 2024 1.2 | Jun 2024 6.1 | Sep 2024 5.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - VISN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.9 | Jun 2025 3.1 | Sep 2025 4.7 | Dec 2025 16.3 | Mar 2026 0.6 | Jun 2026 — - DGII: Sep 2021 67.8 | Dec 2021 72.3 | Mar 2022 65.2 | Jun 2022 67.3 | Sep 2022 64.0 | Dec 2022 54.6 | Mar 2023 44.9 | Jun 2023 48.6 | Sep 2023 40.3 | Dec 2023 60.5 | Mar 2024 84.0 | Jun 2024 49.9 | Sep 2024 45.1 | Dec 2024 31.5 | Mar 2025 24.6 | Jun 2025 30.6 | Sep 2025 33.8 | Dec 2025 38.7 | Mar 2026 42.7 | Jun 2026 — - HLIT: Sep 2021 — | Dec 2021 146.8 | Mar 2022 — | Jun 2022 58.4 | Sep 2022 26.9 | Dec 2022 52.4 | Mar 2023 47.1 | Jun 2023 89.8 | Sep 2023 240.8 | Dec 2023 18.1 | Mar 2024 22.4 | Jun 2024 24.5 | Sep 2024 19.9 | Dec 2024 40.1 | Mar 2025 21.6 | Jun 2025 16.1 | Sep 2025 24.0 | Dec 2025 — | Mar 2026 — | Jun 2026 — - GILT: Sep 2021 8.9 | Dec 2021 — | Mar 2022 — | Jun 2022 604.0 | Sep 2022 106.6 | Dec 2022 — | Mar 2023 128.0 | Jun 2023 56.6 | Sep 2023 25.7 | Dec 2023 14.9 | Mar 2024 13.2 | Jun 2024 12.8 | Sep 2024 18.2 | Dec 2024 14.0 | Mar 2025 26.5 | Jun 2025 18.2 | Sep 2025 31.8 | Dec 2025 38.1 | Mar 2026 29.5 | Jun 2026 — - FEIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 24.9 | Mar 2024 30.1 | Jun 2024 16.3 | Sep 2024 21.9 | Dec 2024 15.4 | Mar 2025 6.9 | Jun 2025 7.6 | Sep 2025 11.7 | Dec 2025 16.8 | Mar 2026 71.1 | Jun 2026 — - ADTN: Sep 2021 469.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - NTGR: Sep 2021 — | Dec 2021 12.5 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 30.6 | Dec 2024 66.4 | Mar 2025 30.2 | Jun 2025 13.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CLFD: Sep 2021 30.0 | Dec 2021 42.4 | Mar 2022 27.4 | Jun 2022 21.7 | Sep 2022 29.5 | Dec 2022 24.8 | Mar 2023 12.2 | Jun 2023 14.7 | Sep 2023 13.2 | Dec 2023 35.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 4,341.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BKTI: Sep 2021 282.5 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 16.6 | Sep 2024 15.9 | Dec 2024 15.2 | Mar 2025 15.2 | Jun 2025 15.4 | Sep 2025 25.5 | Dec 2025 21.7 | Mar 2026 20.9 | Jun 2026 — - AVNW: Sep 2021 — | Dec 2021 3.7 | Mar 2022 — | Jun 2022 18.4 | Sep 2022 14.0 | Dec 2022 26.9 | Mar 2023 32.5 | Jun 2023 38.8 | Sep 2023 20.3 | Dec 2023 27.7 | Mar 2024 35.8 | Jun 2024 33.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 239.4 | Sep 2025 21.9 | Dec 2025 19.1 | Mar 2026 33.2 | Jun 2026 — - SILC: Sep 2021 37.3 | Dec 2021 34.1 | Mar 2022 26.8 | Jun 2022 18.2 | Sep 2022 15.0 | Dec 2022 15.7 | Mar 2023 13.0 | Jun 2023 13.3 | Sep 2023 12.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AUDC: Sep 2021 32.2 | Dec 2021 34.7 | Mar 2022 26.6 | Jun 2022 23.7 | Sep 2022 25.4 | Dec 2022 20.3 | Mar 2023 25.1 | Jun 2023 21.7 | Sep 2023 25.9 | Dec 2023 43.1 | Mar 2024 36.2 | Jun 2024 23.1 | Sep 2024 24.3 | Dec 2024 19.5 | Mar 2025 16.8 | Jun 2025 21.8 | Sep 2025 20.7 | Dec 2025 28.2 | Mar 2026 33.6 | Jun 2026 — ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. ## Every company - Cisco Systems, Inc. (CSCO) — market value ₹4.8 L Cr; latest fundamentals Jun 2026 - Motorola Solutions, Inc. (MSI) — market value ₹73.5K Cr; latest fundamentals Jun 2026 - Hewlett Packard Enterprise Company (HPE) — market value ₹69.4K Cr; latest fundamentals Jun 2026 - Lumentum Holdings Inc. (LITE) — market value ₹66.1K Cr; latest fundamentals Mar 2026 - Ciena Corporation (CIEN) — market value ₹58.2K Cr; latest fundamentals Jun 2026 - Nokia Oyj (NOK) — market value ₹55.6K Cr; latest fundamentals Jun 2026 - Ubiquiti Inc. (UI) — market value ₹33.9K Cr; latest fundamentals Mar 2026 - AST SpaceMobile, Inc. (ASTS) — market value ₹27.3K Cr; latest fundamentals Mar 2026 - Zebra Technologies Corporation (ZBRA) — market value ₹17.5K Cr; latest fundamentals Jun 2026 - Viasat, Inc. (VSAT) — market value ₹11.9K Cr; latest fundamentals Mar 2026 - Applied Optoelectronics, Inc. (AAOI) — market value ₹10.6K Cr; latest fundamentals Mar 2026 - Viavi Solutions Inc. (VIAV) — market value ₹9.9K Cr; latest fundamentals Mar 2026 - Ondas Inc. (ONDS) — market value ₹5.0K Cr; latest fundamentals Mar 2026 - Belden Inc. (BDC) — market value ₹5.0K Cr; latest fundamentals Jun 2026 - Extreme Networks, Inc. (EXTR) — market value ₹4.2K Cr; latest fundamentals Mar 2026 - Telesat Corporation (TSAT) — market value ₹3.6K Cr; latest fundamentals Mar 2026 - Vistance Networks, Inc. (VISN) — market value ₹2.8K Cr; latest fundamentals Mar 2026 - Digi International Inc. (DGII) — market value ₹2.7K Cr; latest fundamentals Mar 2026 - Harmonic Inc. (HLIT) — market value ₹1.3K Cr; latest fundamentals Jun 2026 - Gilat Satellite Networks Ltd. (GILT) — market value ₹901 Cr; latest fundamentals Mar 2026 - Frequency Electronics, Inc. (FEIM) — market value ₹771 Cr; latest fundamentals Jun 2026 - ADTRAN Holdings, Inc. (ADTN) — market value ₹712 Cr; latest fundamentals Mar 2026 - NETGEAR, Inc. (NTGR) — market value ₹659 Cr; latest fundamentals Mar 2026 - Clearfield, Inc. (CLFD) — market value ₹459 Cr; latest fundamentals Mar 2026 - BK Technologies Corporation (BKTI) — market value ₹301 Cr; latest fundamentals Mar 2026 - Aviat Networks, Inc. (AVNW) — market value ₹277 Cr; latest fundamentals Mar 2026 - Lantronix, Inc. (LTRX) — market value ₹272 Cr; latest fundamentals Mar 2026 - Silicom Ltd. (SILC) — market value ₹266 Cr; latest fundamentals Mar 2026 - AudioCodes Ltd. (AUDC) — market value ₹247 Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-04. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Is the Communication Equipment sector outperforming S&P 500? Communication Equipment has outperformed S&P 500 by 76.6% over 52 weeks and 1.2% over 13 weeks. 15 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 13 of 29 beat the sector itself. ### Which Communication Equipment company is largest by revenue? Cisco Systems, Inc. leads with revenue of $60,746 million, based on 23 of 29 comparable companies through Jun 2026. ### Which Communication Equipment company is growing fastest? AST SpaceMobile, Inc. has the fastest current revenue growth at 100%, across 23 of 29 comparable companies. ### Which Communication Equipment company has the strongest 4-Factor Sector Score? Cisco Systems, Inc. ranks first at 64.4/100 with 85.3% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Communication Equipment company has the lowest comparable PEG? BK Technologies Corporation has the lowest comparable PEG at 0.55, among 10 of 29 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Communication Equipment comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ### Which Communication Equipment company is the biggest? Cisco Systems, Inc. is the largest, with trailing-twelve-month revenue of $60,746 million, ahead of Hewlett Packard Enterprise Company at $38,794 million. That covers 23 of 29 companies with comparable reporting through Jun 2026. ### Which Communication Equipment company has the best profit margins? Ubiquiti Inc. has the highest operating margin at 36.9%, from 28 of 29 comparable companies. AST SpaceMobile, Inc. shows the biggest recent improvement, at +7755.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Communication Equipment company makes the most profit? Cisco Systems, Inc. earns the most, at $11,958 million of trailing-twelve-month net profit, from 23 of 29 comparable companies. Ciena Corporation has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Communication Equipment company earns the highest return on capital? Ubiquiti Inc. leads on return on capital employed at 31.6%, across 29 of 29 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Communication Equipment stock is the cheapest? On PEG — where a LOWER number is cheaper — BK Technologies Corporation screens cheapest at 0.55×. Only 10 of 29 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Is the Communication Equipment sector beating the market? Communication Equipment has outperformed S&P 500 by 76.6% over the last 52 weeks and 1.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 15 of 29 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Communication Equipment stock has the strongest price momentum? Silicom Ltd. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Communication Equipment company scores highest for research priority? Cisco Systems, Inc. scores 64.4 out of 100 with 85.3% evidence confidence, from 19 points on growth and earnings, 16.6 on capital efficiency, 12.7 on valuation and 16.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Communication Equipment companies does this comparison cover, and over what period? It compares 29 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Communication Equipment sector? The 29 Communication Equipment companies on this page carry $943,238 million of combined market value. Cisco Systems, Inc. is the largest at $479,830 million, about 51% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04. ### What is the Communication Equipment sector's P/E ratio? The median price-to-earnings ratio across the 29 Communication Equipment companies on this page is 33.6×, measured on the 26 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-08-04. ### How is the Communication Equipment sector performing? 15 of the 29 covered Communication Equipment companies are beating S&P 500 on Mansfield relative strength. The sector itself is 76.6% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04. ### How many Communication Equipment stocks are listed in the US? This comparison covers 29 listed Communication Equipment companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.